Descalzi said oil could move above the roughly $80-$100 a barrel range by the first quarter of 2027 if the Middle East conflict persists, as strategic reserve releases mask a deeper drawdown in global stocks.
Eni CEO Claudio Descalzi said global oil prices could rise above the current roughly $80-$100 per barrel range by the first quarter of 2027 if the Middle East conflict continues, highlighting mounting strain in energy markets as inventories shrink. In an interview published Saturday by Il Sole 24 Ore, he said releases from strategic reserves have helped keep prices within that range, but global oil inventories have fallen by an average 3.8 million barrels per day as disruptions tied to the Iran war that began at the end of February tightened supplies. He said the drawdown accelerated to 4.6 million barrels per day in May, and warned that higher prices would boost inflation and reduce energy demand. Descalzi said the use of stockpiles carries increasing risk because reserves are finite, arguing that the longer-term answer is greater energy security through diversified supply sources and routes.