UAE energy minister says OPEC not targeting a certain oil cost

A support vessel maneuvers near the crude oil tanker 'Devon' as the item sails through the Persian Gulf towards Kharq Island oil terminal to transport crude oil to export markets in Bandar Abbas, Iran, on Mar. 23, 2018.

Ali Mohammadi | Bloomberg | Getty Images

A support vessel maneuvers near the crude oil tanker ‘Devon’ as the item sails through the Persian Gulf towards Kharq Island oil terminal to transport crude oil to export markets in Bandar Abbas, Iran, on Mar. 23, 2018.

OPEC producers are not targeting a certain oil cost, 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 that will year, said he can be worried about the level of oil investment in 2019 as well as 2020.

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

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