UAE Minister of Energy: OPEC+ alliance never targets a specific ‎price for oil

Suhail Al Mazrouei, UAE Minister of Energy, said today, Monday, before the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), that the OPEC+ alliance never targets a specific price for oil, in response to a question about the risks of high prices on the strength of the global economy.

According to Reuters, he explained that OPEC+, as an alliance of producers, is interested in “that the price be appropriate for consumers, but that the price being appropriate for consumers for a very limited period is short-sighted,” indicating that there is a need for more investments in the oil and gas sector.