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.
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Eni CEO Claudio Descalzi predicts the global oil market will break its current $80-$100 range by early 2027, potentially boosting inflation and
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