Russia May Increase Oil Production To Stabilise Global Prices: Official

Prime Minister Narendra Modi raised the issue of rising crude oil prices and its impact on the domestic economy during his meeting with Russian President Vladimir Putin, who assured him that his country would enhance production of petroleum in order to stabilise global prices, a top Indian official said. The issue was discussed amidst apprehensions about a steep rise in global oil prices in view of US sanctions on Iran, a major oil producer.

Modi also laid emphasis on ‘Make in India’ in the defence sector during his talks with the Russian president, the official said.

The official added that the prime minister expressed the need to move beyond the buyer-seller relationship and suggested setting up joint ventures to partially or wholly manufacture in India. Read more

Vladimir Putin