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Here are the key highlights of Modi's meeting with heads of oil and gas companies

Meanwhile, South Korea in September stopped importing Iranian oil for the first time in years.

Sources said Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal are expected to attend the meeting on Monday.

The latest dip in crude oil prices after such a limited rally on the news of Khashoggi's disappearance suggests they are reacting more to rising U.S. stockpiles than to geopolitics or falling Iranian oil exports ahead of USA sanctions against Teheran next month.

Union ministers Arun Jaitley and Dharmendra Pradhan; Vice-Chairman NITI Aayog Dr Rajiv Kumar and senior officials from the Union Government and NITI Aayog were also present at the interaction. The government had, earlier this month, asked oil firms to absorb the Rs 1 per litre cost of petrol and diesel to shield the consumers form high prices. Also, unrelenting fuel price rise since mid-August has negated cut in taxes and subsidy.

The meeting assumes significance as the USA sanction against Iran kicks-in on November 4 and India is dependent on imports for more than 80 per cent of its oil requirement.

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Modi sought greater participation of private companies in the distribution of the gas sector. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in hard areas like deep sea.

US oil production has increased steadily over the last five years, reaching a record high of 11.2 million bpd in the week to October 5. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).

Modi made these suggestions while meeting CEOs and experts from the oil and gas sector from India and overseas here. "But right now Iran's oil has reached more than $80 [per barrel], and with half the previous exports we will have the same income as before", he said.

Asked whether India has sought waiver from the United States related to Iranian oil imports as Indian oil firms have booked Iranian oil cargo for November, he said "sentiment" rather than availability is the issue.

The oil exchange is a mechanism that attempts to sidestep the USA sanctions, which are being reimposed following the US withdrawal from the nuclear deal, by allowing private companies to buy the crude at auction in Tehran and then resell it privately on the open market.

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