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

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

Modi was speaking to oil ministers and chief executives of oil majors at a round table in New Delhi, a government statement said. "Firm volumes are the ones that oil companies commit to necessarily take and there is an optional volume on top of it which they can dip into if the need arises", a top official at a state-run refiner said.

"South Korea's move to stop Iran oil imports is giving the market confidence on prices", said Chen Kai, head of research at brokerage Shengda Futures.

Ahead of the USA 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. "This will help stabilise the global economy which is on path of recovery", the statement said. He noted that the oil market is producer driven and both the quantity and prices are determined by the oil-producing countries.

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

He said, the cooperation of the oil producing countries would be very critical to bridge this gap.

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

Modi sought greater participation of private companies in the distribution of the gas sector.

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Talking of technology, Prime Minister appealed for assistance in areas where high pressure and high-temperature technology applications are relevant to commercial exploitation of natural gas.

The Prime Minister in 2015 had set a target of reducing India's oil dependence by 10 per cent to 67 per cent (based on import dependence of 77 per cent in 2014-15) by 2022.

Prime Minister Narendra Modi on Monday urged foreign oil companies to review their terms of payment to provide temporary relief to the rupee.

Heads of the International Gas Union, Gazprom, Vedanta, Reliance Industries, Indian Oil, Hindustan petroleum, Petronet LNG, American Gas Association were among those attended the meeting.

The rising crude oil prices have pushed the rupee down - this year it has fallen 14.5 per cent, making imports costlier.

The rupee, which is now Asia's worst-performing tender, has lost around 14 percent of its value against the American currency this year.

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