UAE energy minister says OPEC+ will never target a certain oil price

The United Arab Emirates’ energy minister Suhail al-Mazrouei told the ADIPEC energy industry event in Abu Dhabi on Monday that OPEC+ never targets a certain oil price, when asked about the risk of higher prices for the health of the global economy.

He said that as a producer group, OPEC+ cares “that the price is right for consumers but right for the consumers for a very limited time only is short-sighted,” adding that more investment in needed in oil and gas.
Source: Reuters (Reporting by Maha El Dahan, Yousef Saba and Alexander Cornwell; Writing by Ahmad Ghaddar in London; Editing by Kirsten Donovan)