And we have seen sanctions on Iran.
"The prime minister asked Al-Falih what his cost of oil production was and why prices were rising so much".
According to Refinitiv Eikon data, Iranian exports of crude oil have declined to 1.33 million bpd, a sharp contrast to April's 2.5 million bpd, before the USA withdrew from the Iranian accord amidst harsh criticism, and U.S. pressure on allies to cease purchases of Iranian-sourced crude appear to be working, dragging oil prices steadily higher on the higher timeframes.
Earlier, fuel prices continued its upward trend on Sunday, with petrol being retailed at Rs 82.72 per litre and diesel at Rs 75.38 in the national capital.
With the opposition cornering the government over spiralling fuel prices, the issue has become a major concern for the Narendra Modi government at the Centre as it comes ahead of the Assembly elections in Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram and also the Lok Sabha elections due next year.
The South Korean government has been in talks with the United States government to get exemptions on Iran crude imports.
He appealed to the oil-producing countries to channel their surplus to pursue commercial exploitation in the oil sector in the developing countries.
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Modi's first meeting was on January 5, 2016, where suggestions for reforming natural gas prices were made.
During his interaction, the Prime Minister highlighted the significant positioning of India in the oil and gas market. "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.
The RBI said in its policy statement: "Global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook".
Modi also sought the role of private participation in the distribution of the gas sector.
"Government has no business to interfere in the pricing mechanism of petroleum products".
Crude oil futures rose on Monday as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked worries about supply, although concerns about the long-term outlook for demand dragged on prices.
Iran is raking in more cash from oil exports thanks to higher prices despite the decline in amount of oil exported, the country's Vice President Eshaq Jahagiri told Iranian media, as quoted by Radio Free Europe. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).