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Enei Group CEO: If the Middle East conflict continues, the oil market may break through its current range in early 2027

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ME News, July 11 (UTC+8). Claudio Descalzi, CEO of Italy’s state-controlled energy group Eni, said that if the Middle East conflict continues, the global oil market will, at the latest, break out of the current range of about $80 to $100 per barrel in the first quarter of 2027, pushing up inflation and reducing energy demand. Descalzi said in an interview with The Sun (24 Hours) published on Saturday that the release of strategic reserves so far has helped keep crude oil prices roughly within that range, but this strategy is facing increasing risks because global reserves are limited. “The long-term solution is to strengthen energy security by diversifying supply sources and routes,” he said. Descalzi said that due to disruptions related to the Iran war that erupted at the end of February, global oil inventories have fallen by an average of 3.8 million barrels per day, accelerating to 4.6 million barrels per day in May. He said that countries should focus on producers in North Africa and sub-Saharan Africa, Latin America, and Southeast Asia, while reducing reliance on controlled sea lanes. (Jin Shi) (Source: ODAILY)
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