Prime Minister Narendra Modi made a strong case for a partnership between the producers and consumers in the oil market to reduce energy cost.
He said, this will help stabilise the global economy which is on the path of recovery.
Interacting with CEOs and Experts from Oil and Gas Sector from India and Abroad in New Delhi, the Prime Minister drew their attention on certain key policy issues relevant to India.
Mr Modi highlighted that the consuming countries face many other economic challenges including serious resource crunch due to rising crude oil prices.
He said, the cooperation of the oil producing countries would be very critical to bridge this gap.
He appealed to the oil-producing countries to channel their surplus to pursue commercial exploitation in the oil sector in the developing countries.
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. He also requested for a review of payment terms so as to provide temporary relief to the local currency.
During his interaction, the Prime Minister highlighted the significant positioning of India in the oil and gas market. He noted that the oil market is producer driven and both the quantity and prices are determined by the oil-producing countries.
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. .
Union Ministers Arun Jaitley and Dharmendra Pradhan and Vice-Chairman NITI Aayog Dr. Rajiv Kumar also present on the occasion.