Economy PM Modi meets CEOs of global oil companies, bats for producer-consumer partnership to reduce cost Updated : October 16, 2018 06:55 AM IST Modi in the meeting noted that the oil market is producer driven; and both the quantity and prices are determined by the oil producing countries. He appealed to oil producing countries to channel their investible surplus to pursue commercial exploitation in oil sector in the developing countries. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.