This comes as fuel prices continue to rise across the four major metros, burning a hole in common man's pocket.
Interacting with global leaders of the energy sector, PM Modi said that a partnership between oil producers and consumers should be formed on the lines of other sectoral markets.
USA oil supplies are over-burdened according to reporting, but American crude will do little to help Eastern energy needs.
"Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices", it said quoting the prime minister.
"Prime minister cautioned producers like myself not to kill the hen that lays golden egg, he said referring to consumers are golden hens", Al-Falih said.
"The market has again expressed concerns over geopolitical tensions in the Middle East after US and Saudi traded comments over the disappearance of the Saudi journalist, leading to a jump in prices", Wang Xiao, head of crude research with Guotai Junan Futures, wrote in a research note.
China's ambassador to America says the Trump administration is 'very confusing'
Trump had alleged that China was trying to interfere in the 2018 mid-term polls and that it did not want him to be the President. When the reporter asked the president if he believed Russians interfered in the 2016 elections, Trump said Russians had meddled.
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.
Asked whether India has sought waiver from the U.S. 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.
He also spoke of higher acreage under exploration and sought the cooperation of the developed countries both in terms of technology and extension of coverage.
Modi's first meeting was on 5 January, 2016 where suggestions for reforming natural gas prices were made.
Ironically, in the last few days oil prices have received strong support from allegations that Saudi agents killed journalist Jamal Khashoggi, creating tension between Washington and Riyadh, Tehran's arch-enemy in the Middle East.
The PTI report stated that 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.