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According to foreign media news, the UAE Minister of Energy and Industry, Mohammed Faraj Farals Almazrui, said on Sunday that OPEC oil producers did not target a certain oil price
.
Speaking at an industrial event in Abu Dhabi, the minister said OPEC at its next meeting was more focused on determining the right level of oil inventories than on the impact of new U.
S.
sanctions on
Iran.
Mazrouei, who holds the OPEC presidency this year, said he was concerned about
the level of oil investment in 2019 and 2020.
Last week, after Washington withdrew from the international nuclear deal with Iran, the price of Brent crude broke above $
77 a barrel.
Asked on Sunday about concerns about oil supplies, Mazrouei told reporters: "It's not what we're
worried about right now.
"
"Our focus at the next (OPEC) meeting is the right inventory levels that we should see and (how) we can bring this group together longer
," he said.
OPEC is scheduled to meet in June to work with non-OPEC producers involved in the supply reduction agreement to develop oil policy
.
Mazrouei said there was no reason to worry about supply, adding that this was not the first time this had happened to Opec members
.
"We managed to solve the supply problem, but we still believe we have a buffer (for oil supply).
.
.
" We will meet in June to discuss this
.
According to foreign media news, the UAE Minister of Energy and Industry, Mohammed Faraj Farals Almazrui, said on Sunday that OPEC oil producers did not target a certain oil price
.
Speaking at an industrial event in Abu Dhabi, the minister said OPEC at its next meeting was more focused on determining the right level of oil inventories than on the impact of new U.
S.
sanctions on
Iran.
Mazrouei, who holds the OPEC presidency this year, said he was concerned about
the level of oil investment in 2019 and 2020.
Last week, after Washington withdrew from the international nuclear deal with Iran, the price of Brent crude broke above $
77 a barrel.
Asked on Sunday about concerns about oil supplies, Mazrouei told reporters: "It's not what we're
worried about right now.
"
"Our focus at the next (OPEC) meeting is the right inventory levels that we should see and (how) we can bring this group together longer
," he said.
OPEC is scheduled to meet in June to work with non-OPEC producers involved in the supply reduction agreement to develop oil policy
.
Mazrouei said there was no reason to worry about supply, adding that this was not the first time this had happened to Opec members
.
"We managed to solve the supply problem, but we still believe we have a buffer (for oil supply).
.
.
" We will meet in June to discuss this
.