OPEC producers are not targeting a certain oil price, United Arab Emirates Energy Minister Suhail al-Mazroui said on Sunday, while expressing his concern over the level of oil investment in 2019 and 2020. “What we are concerned about in the next meeting is the right level of inventory that we should seek and whether we can put this group together for longer,” he said on the sidelines of an industry event in Abu Dhabi. When asked about the impact on oil supplies from US sanctions on Iran, Mazroui, who holds OPECs presidency this year, told reporters not to worry about supply. This was not the first time an OPEC member had been in such a situation, he assured. OPEC will meet in June to decide on the oil policy in cooperation with non-OPEC countries. Meanwhile, Abu Dhabi National Oil Company (ADNOC) unveiled plans to invest $45 billion alongside partners, over the next five years, to become a leading global downstream player, enabling it to further stretch the value of every barrel it produces to the benefit of ADNOC, its partners and the UAE. The investment program will carry a new downstream strategy to significantly expand ADNOC’s refining and petrochemical operations at Ruwais Industrial Complex and undertake highly targeted overseas investments to secure greater market access. Building on the existing strengths and competitive advantages of Ruwais, ADNOC will create the world’s largest and most advanced integrated refining and petrochemicals complex. Through a combined program of strategic partnerships and investment, ADNOC will increase its range and volume of high-value downstream products, secure better access to growth markets around the world and create a manufacturing ecosystem in Ruwais that will significantly stimulate In-Country Value creation, private sector growth and employment. The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional 1 percent to GDP per year. UAE Minister of State and ADNOC CEO Sultan Ahmed al-Jaber said that given the projected increase in demand for petrochemicals and higher value refined products, ADNOC will become a leading global downstream player. "We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain to create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners," he added. Jaber asserted that the expansion plans for Ruwais will also support Abu Dhabi and the UAE’s economic development and diversification, create high-skilled jobs and bolster the country’s status as a globally attractive destination for energy investments.