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OIL: Oil Price Turbulence to Continue: ENI

OIL
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Global benchmark oil prices are likely to remain turbulent, according to ENI’s CEO Claudio Descalzi, cited by Montel.

  • Descalzi forecast that Brent could rise from its current level to around $80/b by year end. Prices are supported by physical demand and tight supply due to OPEC+ production cuts.
  • The market has also seen recent pressure from escalating geopolitical tensions in the Middle East, Montel said.
  • OPEC+ delayed the start of the unwinding of its 2.2m b/d of voluntary cuts by two months until November.
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Global benchmark oil prices are likely to remain turbulent, according to ENI’s CEO Claudio Descalzi, cited by Montel.

  • Descalzi forecast that Brent could rise from its current level to around $80/b by year end. Prices are supported by physical demand and tight supply due to OPEC+ production cuts.
  • The market has also seen recent pressure from escalating geopolitical tensions in the Middle East, Montel said.
  • OPEC+ delayed the start of the unwinding of its 2.2m b/d of voluntary cuts by two months until November.