Eni CEO Claudio Descalzi issued a warning on July 12, 2026, regarding global energy stability. He predicted oil prices could break out of the current $80-$100 range. This market shift may occur by early 2027 if Middle East hostilities continue.
Strategic petroleum reserve releases currently contain prices, but Descalzi noted global inventories remain finite. Conflict-related disruptions have already cut global oil inventories by 3.8 million barrels per day.
Descalzi urged producers to diversify supply routes through Africa, Latin America, and Southeast Asia. These ties would reduce reliance on maritime chokepoints like the Strait of Hormuz.