Committed to meet India's oil demand: Saudi Energy Minister

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

Here are the key highlights of Modi's meeting with heads of oil and gas companies

According to ANI, the meeting is expected to begin around 10 AM.

"The weakening crude spreads nearly globally in the face of Iran sanctions is likely generating some concern on how strong market really is and if it's ready to rally more", said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina.

Meanwhile, South Korea in September stopped importing Iranian oil for the first time in years.

Union ministers Arun Jaitley and Dharmendra Pradhan, NITI Aayog Vice Chairman Rajiv Kumar, and other senior officials were also present. "I don't understand. World fuel prices are falling, how are the petrol prices rising?"

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The roundtable came on a day diesel price rose for the 10th consecutive day to wipe out all of the Rs 2.50 per litre cut in rates announced earlier this month through excise duty cut and oil company subsidy. PM Modi said this during his interaction with the heads of oil and gas companies and organisations in New Delhi.

"Once pipelines and oil terminals are built connecting the Permian to the U.S. Gulf Coast, then there will be a big step up in U.S. crude oil exports", Harry Tchilinguirian, oil strategist at French bank BNP Paribas told Reuters Global Oil Forum.

Modi also asked chief executives why no new investments in oil and gas exploration and production are coming to the country despite the government implementing all the suggestions they made at the previous such meetings, sources said.

Iran has lost some customers for its oil because of looming USA sanctions, but high prices are making up for the lost sales, Iranian Vice President Eshaq Jahangiri has said.

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The RBI said in its policy statement: "Global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook". But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).

Modi also sought the role of private participation in the distribution of the gas sector.

The oil exchange is a mechanism that attempts to sidestep the USA sanctions, which are being reimposed following the US withdrawal from the nuclear deal, by allowing private companies to buy the crude at auction in Tehran and then resell it privately on the open market.

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

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Modi made these suggestions while meeting CEOs and experts from the oil and gas sector from India and overseas here.

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