Earlier today, Chief executive officers (CEOs) and experts from the oil and gas sector, from both India and abroad, met Modi.

The global oil powerhouse Saudi Arabia plans to invest in India in the fuel retail and crude storage segments, country’s oil minister told Prime Minister Narendra Modi on Monday at an event. The Saudi Minister also assured the prime minister of meeting India’s oil demands, CNBC TV18 reported. The crude prices traded at 81.24USD/bbl at the time of reporting.

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Earlier today, Chief executive officers (CEOs) and experts from the oil and gas sector, from both India and abroad, met Modi. Interacting with the global leaders of the energy sector, Modi said said the oil market is producer driven and the oil producing nations determine the prices. EVen though the oil production is at an adequate level, the oil prices have jacked up due to unique features of marketing in the oil sector, he added. Modi also talked about coming up with a strong partnership between the producers and consumers, in the oil market, as it exists in other markets as it will help stabilise the global economy which is on path of recovery.

Speaking on the occasion, India’s Oil Minister, Dharmendra Pradhan said that the country cannot rely on a single energy source in times of energy volatility. India is facing economic headwinds due to high oil prices, he added.

The event included Ministers from Saudi Arabia and UAE, and CEOs and experts from organisations including Saudi ARAMCO, ADNOC, BP, Rosneft, IHS Markit, Pioneer Natural Resources Company, Emerson Electric Company, Tellurian, Mubadala Investment Company, Schlumberger Ltd., Wood Mackenzie, World Bank, International Energy Agency (IEA), NIPFP, Brookings India and various Indian companies involved in both upstream and downstream operations.