Eni CEO Claudio Descalzi warned that global oil prices could exceed the $80-$100 per barrel range by early 2027. This projection assumes the ongoing Middle East conflict continues.
In a July 12, 2026 interview, Descalzi stated that strategic petroleum reserve releases have temporarily contained prices. He noted that finite global inventories make this strategy unsustainable.
Disruptions from the conflict have caused global oil inventories to decline by an average of 3.8 million barrels per day. Descalzi emphasized the need for energy security through supply diversification.
The CEO urged stronger partnerships with producers in Africa, Latin America, and Southeast Asia. These ties would reduce reliance on volatile maritime chokepoints such as the Strait of Hormuz.