PM Narendra Modi makes the strong case for partnership between producers and consumers in the oil market. PM seeks the cooperation of developed nations in terms of technology.
Interacting with the global leaders of the energy sector, 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. Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices.
Prime Minister Modi made a strong case for a partnership between the producers and consumers, in the oil market, as it exists in other markets. This will help stabilize the global economy which is on the path of recovery.
He appealed to oil-producing countries to channel their investible surplus to pursue commercial exploitation in the oil sector in the developing countries