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

Comparative news, according to Kim 10, Claudio Descalzi, CEO of Italian national holding group ENI, said that if the Middle East conflict continues, the global oil market will break through the current range of about 80 to 100 US dollars per barrel by the first quarter of 2027 at the latest, driving up inflation and reducing energy demand.

In an interview published by “24 Hour Sun” on Saturday, Descalzi said that the release of strategic reserves has helped keep crude oil prices roughly within this range so far, but this strategy is facing growing risks because global reserves are limited. “The long-term solution is to enhance energy security through diversification of supply sources and routes,” he said.

Descalzi said that due to disruptions related to the Iran war that broke out at the end of February, global oil stocks dropped by an average of 3.8 million barrels per day and accelerated to 4.6 million barrels per day in May. He said countries should focus on producers in northern Africa and sub-Saharan Africa, Latin America and Southeast Asia, while reducing reliance on controlled maritime routes.