PM's Appeal To Oil Producing Nations Gets A Negative From Saudi Minister

Fuel,Petrol,Diesel

The record prices have also dented fuel demand, with monthly diesel consumption falling for the first time in 10 months year-on-year in September and petrol sales growing at their slowest pace in four months.

"The prime minister asked Al-Falih what his cost of oil production was and why prices were rising so much".

Questioning Modi's silence over the deal, senior Congress leader Anand Sharma claimed that only the prime minister was aware that the offset contracts would not be given to Hindustan Aeronautics Limited (HAL). "The cooperation of the oil producing countries would be very critical to bridging this gap", it said.

"Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices", it said quoting the prime minister.

Oil prices have reached four-year peaks as the market focused on upcoming USA sanctions on Iran while shrugging off the year's largest weekly build in U.S. crude stockpiles.

Among the corporates at the meeting were Saudi Aramco, ADNOC, BP, Rosneft, IHS Markit, Pioneer Natural Resources Company, Emerson Electric Company, Tellurian, Mubadala Investment Company, Schlumberger Ltd., Wood Mackenzie, World Bank, International Energy Agency (IEA), NIPFP, Brookings India and various Indian companies involved in both upstream and downstream operations. "This will help stabilise the global economy which is on the path of recovery", he said.

He appealed to the oil-producing countries to channel their surplus to pursue commercial exploitation in the oil sector in the developing countries.

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India plans to build two strategic storage facilities to hold 6.5 million tonnes of oil costing around 110 billion Rupees ($1.6 billion) through a joint partnership between an Indian state firm and private company.

The country is over 83 per cent dependent on imports to meet its oil needs.

Interacting with global leaders of the energy sector, PM Modi said that a partnership between oil producers and consumers should be formed on the lines of other sectoral markets. "We heard it today loud and clear from the Prime Minister".

He, however, said the "pain" would have been "much louder" but the action by Saudi Arabia, the world's largest oil exporter, to invest in creating spare capacity was used to cushion price shocks. Al-Falih said Modi has cautioned "producers like myself not to kill the hen that lays the golden egg", in a reference to how high prices can kill demand and hurt economic growth.

The meeting, which was also attended by Finance Minister Arun Jaitley and NITI Aayog vice-chairman Rajiv Kumar, was called to discuss emerging energy scenario particularly ripples from U.S. sanctions on Iran and volatile oil prices threatening growth.

Modi highlighted the economic hardships higher oil prices bring to consuming countries like India, and sought capital and technological support from producers to raise local output.

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