PM's Appeal To Oil Producing Nations Gets A Negative From Saudi Minister | Read

Prime Minister Narendra Modi today appealed to top oil producers, including Saudi Arabia, to help nations like India bridge what he called a "resource crunch" - a fallout of rising crude prices. At the third annual brainstorming session with chief executives of top global and Indian oil and gas companies, PM Modi underscored how high oil prices were hurting global growth and sought reasonable prices that work for both producers and consumers. The rising crude oil prices have pushed the rupee down - this year it has fallen 14.5 per cent, making imports costlier. The country is heavily dependent on imports, with around 83 per cent of the fuel being bought from abroad.