Union Minister Dharmendra Pradhan
Union Minister Dharmendra Pradhan

Pradhan proposes forum of oil-consuming Asian countries

ANI | Updated: Jun 20, 2018 22:09 IST

Vienna (Austria), June 20 (ANI): Union Petroleum Minister Dharmendra Pradhan urged the constitution of a forum of oil-consuming Asian countries to achieve sustainable crude oil prices.
"We are trying to make a forum of oil-consuming Asian countries including India, China, and Japan so that we can bargain for better crude oil prices. We are the third largest consumer country, and we deserve good rates. If oil-producing countries can have a forum to put forth its expectations, there should be a place for consuming countries too," he told ANI.
Pradhan, who attended the first day of the 7th Organisation of the Petroleum Exporting Countries (OPEC) International Seminar in here on Wednesday, said member countries have taken cognisance of the issues raised by consuming countries, including India.
"OPEC countries are taking cognisance of the serious issues that we are raising. They are accepting our demands. Our priority is to give relief to our Indian consumers," he said.
Pradhan also said that UAE Minister of State Sultan Ahmed Al Jaber will visit India on 25th June.
Earlier, at the Vienna meeting, Pradhan had sought for the intervention of OPEC members to ensure sustainable fuel price.
"Crude prices are creating stress throughout the global economy. It is giving pain to us in India. The global economic outlook already has threats from trade wars. My fear is that his will lead to energy poverty in many parts of the World," he said while addressing the gathering.
Pradhan is currently on a two-day visit to Vienna to attend the 7th OPEC International Seminar at the Imperial Hofburg Palace in Vienna, Austria, under the theme - 'Petroleum - cooperation for a sustainable future'.
The seminar will provide fresh impetus to key petroleum industry issues and challenges, helping to enhance existing avenues of dialogue and cooperation, while stimulating new ones.
It will feature presentations by officials from energy and oil ministries, executives from oil companies and financial firms, and other representatives from international organizations and research institutions.
The meeting will seek to reinforce OPEC's longstanding commitment to strive towards a secure and stable market in support of a healthy global economy. It will also highlight the need for continuing promotion of cooperation and dialogue with all oil industry stakeholders, including producers and consumers. (ANI)