Eni CEO: Oil Market May Exceed $80 to $100 Range by 2027 if Middle East Conflict Persists

Claudio Descalzi, CEO of Eni, stated that if the conflict in the Middle East continues, the global oil market will breach the $80 to $100 per barrel range by the first quarter of 2027 at the latest, driving up inflation and reducing energy demand. In an interview, Descalzi pointed out that the release of strategic reserves currently helps maintain oil prices within this range, but this strategy faces increasing risks due to limited global reserves. He emphasized that a long-term solution lies in enhancing energy security through diversified supply sources and routes. Descalzi mentioned that global oil inventories have been declining by an average of 3.8 million barrels per day due to disruptions related to the Iran conflict, accelerating to an average of 4.6 million barrels per day in May. He suggested that countries should pay attention to producers in North Africa, Sub-Saharan Africa, Latin America, and Southeast Asia while reducing dependence on controlled maritime routes.