Claudio Descalzi, CEO of Italy's ENI Group, said that if the Middle East conflict continues, the global oil market will break through the range of 80 to 100 US dollars per barrel by the first quarter of 2027 at the latest, which will drive up inflation and reduce energy demand. In an interview published on Saturday, he said that up to now, the release of crude oil inventories has helped crude oil prices remain basically within this range. He pointed out that due to limited global oil reserves, this strategy is increasingly risky. “The long-term solution is to improve energy security through diversification of supply sources and routes,” he said. Descalzi said that due to the Iran conflict that broke out at the end of February, global oil inventories fell by an average of 3.8 million barrels per day, and the decline accelerated to 4.6 million b/d in May. He said countries should focus on energy producers in North Africa and sub-Saharan Africa, Latin America and Southeast Asia while reducing reliance on controlled sea lanes.

Claudio Descalzi, CEO of Italy's ENI Group, said that if the Middle East conflict continues, the global oil market will break through the range of 80 to 100 US dollars per barrel by the first quarter of 2027 at the latest, which will drive up inflation and reduce energy demand. In an interview published on Saturday, he said that up to now, the release of crude oil inventories has helped crude oil prices remain basically within this range. He pointed out that due to limited global oil reserves, this strategy is increasingly risky. “The long-term solution is to improve energy security through diversification of supply sources and routes,” he said. Descalzi said that due to the Iran conflict that broke out at the end of February, global oil inventories fell by an average of 3.8 million barrels per day, and the decline accelerated to 4.6 million b/d in May. He said countries should focus on energy producers in North Africa and sub-Saharan Africa, Latin America and Southeast Asia while reducing reliance on controlled sea lanes.