New Delhi– Blaming the current marketing practice for high oil prices, Prime Minister Narendra Modi on Monday made a strong case for partnership between producers and consumers in the oil market to cut energy cost and provide stability to global economy.

“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 stabilise the global economy which is on path of recovery,” the Prime Minister’s Office said in a statement.

Highlighting the significant positioning of India in the oil and gas market, Modi, in a meeting with CEOs and experts from the global oil and gas sector, said the oil market was producer driven and both the quantity and prices were 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,” he said.

Modi said the consuming countries, due to rising crude oil prices, face many other economic challenges including serious resource crunch and stressed that the cooperation of the oil producing countries would be very critical to bridge this gap.

“He appealed to oil producing countries to channel their investible surplus to pursue commercial exploitation in oil sector in the developing countries. Secondly, he spoke of higher acreage under exploration and sought cooperation of the developed countries both in terms of technology and extension of coverage.

“Thirdly, he sought the role of private participation in the distribution of gas sector. Talking of technology, he appealed for assistance in areas where high pressure and high temperature technology applications are relevant to commercial exploitation of natural gas.

“Lastly and importantly, he requested for review of payment terms so as to provide temporary relief to the local currency,” the PMO said.

The meeting was attended by Finance Minister Arun Jaitley, Petroleum Minister Dharmendra Pradhan and NITI Aayog Vice-Chairman Rajiv Kumar apart from other senior officials. It also included ministers from Saudi Arabia and the UAE and CEOs and experts from organisations like Saudi ARAMCO, BP, Rosneft, IHS Markit, World Bank and International Energy Agency (IEA). (IANS)