PM Modi Warns Oil Producers Over High Crude Prices Hurting Global Growth

As Fuel Prices Rise PM Modi To Meet Major Oil Company Heads Tomorrow

The rising crude oil prices have pushed the rupee down - this year it has fallen 14.5 per cent, making imports costlier. A litre of diesel on Monday costs Rs 75.46 in Delhi, Rs 79.11 in Mumbai and Rs 79.80 in Chennai while petrol costs Rs 82.72 in Delhi, Rs 88.18 in Mumbai and Rs 85.99 in Chennai.

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.

The oil company leaders met to discuss the the prevailing energy scenario, effects of USA sanctions on Iran and volatile oil prices affecting economic growth. "These supply disruptions need a shock absorber and the shock absorber to a large extent has been Saudi Arabia", he said. "That is equivalent to the production capacity of major producers".

The fuel price has been soaring since the past few months in the country, causing many problems for the common people.

In Saudi Arabia, the potential slaying of a journalist within the Saudi embassy in Turkey is drawing fierce lashback from the global community, prompting threatening Tweets from US President Donald Trump, and Saudi Arabia has doubled down on their stance, threatening to allow the bottom to drop out on Saudi crude production and allowing crude prices to reach $100 per barrel if the US were to take any action. Rates have cooled to around United States dollars 81 in hope that the USA may extend deadline for imposing sanctions on Iran by a couple of months, reported PTI.

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Rejecting claims that India has sought a waiver of sanctions from the United States as to continue purchasing crude oil from Iran, Oil Minister Dharmendra Pradhan said he has articulated the country's position on importing oil from the Persian Gulf nation in November and "there is nothing new to repeat".

On Monday, officials in the government and oil companies said Indian firms like International Olympic Committee have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanction-hit Iran.

PM Modi underscored that India held a significant position in the oil and gas market.

Mr. Al-Falih said Saudi Aramco's investment of $44 billion in the Ratnagiri refinery was "just the start" and that the company was keen to invest in an integrated downstream business, including on the retail side, as well as in storage capacity.

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