Eni CEO says oil market risks breaking out of current range by early 2027
Claudio Descalzi, the CEO of Italian state-controlled group Eni, stated that the global oil market will break out of its roughly $80-$100 range by the first quarter of 2027 at the latest. He said this would boost inflation and reduce energy demand if the Middle East conflict continues, in an interview with Il Sole 24 Ore newspaper published on Saturday.
The release of stockpiles has helped keep crude prices within that range so far, but this strategy carries growing risks because global reserves are finite. Descalzi said global oil stocks have fallen by an average 3.8 million barrels per day, accelerating to 4.6 million bpd in May, due to disruption linked to the Iran war that began at the end of February. He stated, "The long-term solution is greater energy security through diversification of supply sources and routes." Eni has limited exposure to the Middle East, with most of its upstream production in Africa and Latin America.
Quick Summary
Eni CEO Claudio Descalzi predicts the global oil market will break its current $80-$100 range by early 2027, potentially boosting inflation and
Summary - read the full story for complete context.

Image: MyJoyOnline
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from MyJoyOnline
Related Stories
More from Business & Economy

Youth demand greater share of food systems investments at National Agribusiness Dialogue
Young Ghanaians are demanding a greater stake in the nation's food systems, calling for concrete actions to empower them in agribusiness.
1h ago•4 min read

Liquidity slows down in first 4 months of 2026 - BoG
Discover how changes in Ghana's money supply are being influenced by both domestic and international factors.
15h ago•2 min read

Nkoko Nkitinkiti's first phase success sets stage for commercial poultry revolution - Eric Opoku
Ghana's poultry industry is on the cusp of a major transformation, but what does this mean for local households and the national economy?
23h ago•2 min read

T-bills auction: Government exceeds target by 77%; but to pay more for one-year bill at maturity
Despite exceeding its target, the government faces a trade-off in its latest T-bills auction.
12h ago•2 min read




