Eni CEO Claudio Descalzi said if the Middle East conflict persists, the global
oil market will break out of the current roughly $80–$100 per barrel range by Q1
2027 at the latest, boosting inflation and depressing energy demand. Strategic
reserve releases have so far kept prices in that band, but reserves are finite
and the approach faces rising risk. Iran-related disruptions since late February
have driven average daily inventory draws of about 3.8 mln barrels, accelerating
to 4.6 mln bpd in May. Descalzi called for diversification of supply sources and
routes — highlighting North Africa, sub-Saharan Africa, Latin America and
Southeast Asia — and urged reduced reliance on sea lanes under concentrated
control.
