Serious resource crunch due to high crude oil prices: PM Modi to oil producers

Prime Minister Narendra Modi on Monday met Indian and foreign CEOs and experts from the oil and gas sector. During the meeting, Modi highlighted that the rising prices of crude oil were hurting the global economy and sought the cooperation of oil producers to bring them down to a reasonable level.

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“Due to the rising crude oil prices, consuming countries face many economic challenges, including serious resource crunch. Cooperation of oil-producing countries would be very critical to bridge the gap,” Modi said in the meeting, according to ANI.

CEOs and Experts from the Oil and Gas sector, from both India and abroad, met Prime Minister Narendra Modi today. Union Ministers Arun Jaitley and Dharmendra Pradhan; Vice-Chairman NITI Aayog Dr. Rajiv Kumar were also present at the interaction. pic.twitter.com/sKOI2NjRyQ

— ANI (@ANI) October 15, 2018

In the presence of Saudi Oil Minister Khalid Al-Falih, Modi said that the crude oil prices at a four-year high were hurting global growth, causing inflation and upsetting budgets of developing countries like India.

The global CEOs and experts appreciated the steps taken by India for the ease of doing business and specifically in the energy sector. The experts from the oil sector also made a special mention of India’s competitive ranking in the ease of doing business which recently went up from 56 to 44.

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Union Finance Minister Arun Jaitley, Oil Minister Dharmendra Pradhan and NITI Aayog Vice-Chairman Rajiv Kumar were also present during the meeting, which was called to discuss emerging energy scenario particularly ripples from US sanctions on Iran and volatile oil prices threatening growth.