New Delhi, October 15: In his meeting today with energy sector experts and CEOs of Indian and global oil marketing firms, Prime Minister Narendra Modi pitched for lowering of crude prices, along with a relaxation of payments terms considering the fall in currency of third-world economies.

Modi also appealed the dignitaries of the oil producing countries to channel their investible surplus to pursue commercial exploitation in the oil sector in developing countries, a statement from his office said. Notably, the delegation included Khaled Al-Falih, the Energy Minister of Saudi Arabia -- the largest crude exporter in the world. Appreciate Steps Taken by Narendra Modi Govt for Ease of Doing Business: Energy Sector Experts.

During the interaction, the prime minister highlighted the significant positioning of India in the oil and gas market and said the oil market was producer driven and quantity and prices were determined by oil producing countries.

"Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices. The prime minister 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," said the PMO statement.

"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," the statement read.

The PM also spoke of higher acreage under exploration and sought cooperation of the developed countries, both in terms of technology and extension, of the coverage.

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

On technology, he appealed for assistance in areas where high pressure and high temperature technology applications are relevant to commercial exploitation of natural gas.

(With PTI inputs)

(The above story first appeared on LatestLY on Oct 15, 2018 06:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).