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

Gladys Abbott
October 16, 2018

Oil-consuming countries face multiple economic challenges, which include a severe resource crunch, said Modi.

Ahead of the U.S. sanctions against Iranian oil, India on Tuesday blamed "sentiments" around losing a big supplier behind the rising crude oil prices, while maintaining that availability of oil to replace lost volumes is not an issue.

The prime minister also spoke about the various policy initiatives and developmental measures undertaken by his government in the sector, including liberalisation in gas pricing and marketing, open acreage licensing policy, early monetisation of coal bed methane, incentives for discovery of small fields and seismic survey at a national level.

The official statement said the prime minister made a strong case for a partnership between the producers and consumers to stabilise the global economy.

An American government official said in early October that the U.S. government was actively considering waivers on sanctions for countries that are lowering their imports of Iranian oil.

Prime Minister Narendra Modi on Monday morning will meet chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from U.S. sanctions on Iran and volatile oil prices threatening growth.

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Modi sought greater participation of private companies in the distribution of the gas sector. On technology, he appealed for assistance in areas where high pressure and high temperature technology applications are relevant to commercial exploitation of natural gas.

Speaking to oil ministers and chief executives in New Delhi, Mr Modi was said to have "requested for review of payment terms so as to provide temporary relief to the local currency".

During the interaction with Prime Minister, the global CEOs and Experts appreciated the steps taken by the Centre over the last four years, for ease of doing business, and specifically in the energy sector in India.

The third annual meeting would also deliberate on ways to revive investment in oil and gas exploration and production, PTI reported citing sources.

Union ministers Arun Jaitley and Dharmendra Pradhan and NITI Aayog vice-chairman Rajiv Kumar were also present at the meeting. Talking of ongoing commercial exploitation, he made a special mention of extension of production sharing contracts, the statement said.

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