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UAE energy minister says OPEC not targeting a certain oil price

OPEC producers are not targeting a certain oil price, United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Sunday, speaking at an industry event in Abu Dhabi.

Mazroui, who holds OPEC’s presidency this year, said he is worried about the level of oil investment in 2019 and 2020.

Brent crude surpassed $77 a barrel last week after Washington withdrew from an international nuclear deal with Iran.

He added that OPEC is focused on identifying the right level of oil inventory at its next meeting.

“What we are concerned about in the next meeting is what is the right level of inventory that we should see and can we put this group together for longer,” he said, speaking on the sidelines of an industry event in Abu Dhabi.

“Don’t worry about supply,” he told reporters when asked about the impact on oil supplies from U.S. sanctions on Iran, adding that this was not the first time an OPEC member had been in such a situation.

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