Oil Minister Dharmendra Pradhan will take his pleas for responsible pricing of oil to OPEC when he visits Vienna to participate in the 7th OPEC International Seminar.
The seminar is being organised by the Organisation of Petroleum Exporting Countries (OPEC) from June 19-20, 2018.
"The visit comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014. India's engagement with OPEC is important as India sources about 82 per cent of crude oil, 75 per cent of natural gas and 97 per cent of LPG from OPEC member countries," official statement said here.
Last week he had met ambassadors of OPEC countries in India to convey India's concern over high international oil prices and nudged them to move to responsible pricing that balances interests of both producers and consumers.
During the visit Pradhan will deliver a key note speech on 'Sustainable Global Energy Future'.
Pradhan had stated that the market fundamentals do not support such high prices and urged OPEC "to move to responsible pricing, one that balances the interests of both the producer and consumer".
Energy ministers from all the OPEC countries, including Saudi Arabia, UAE, Iran as well as Russia, China, Oman are expected to participate in the conference.
Production cuts by OPEC have led to international oil prices hitting a four-year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices. Rates started to cool towards month end and retail prices have been cut thereafter.
Pradhan will also visit Germany from June 21-22, 2018. He will lead International Day of Yoga at Alexander Platz on June 21.
He will be apprised about the German VET system and role of the Chamber of Crafts in German Dual Training System at the Chamber of Crafts in Berlin. The discussions will be followed by a visit to Siemens Dual VET Centre, Berlin.
He will also meet Anja Karliczek, German Federal Minister for Education and Research on June 22, 2018 and discuss mutual issues on Vocational Education & Training (VET) Cooperation between India and Germany.
Pradhan will be accompanied by senior officials of Ministry of Petroleum and Natural Gas and Ministry of Skill Development and Entrepreneurship apart from CMDs of IOCL, BPCL and HPCL and CEO of NSDC.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.