Eni CEO warns oil could exit $80-$100 range by early 2027

MILAN — The chief executive of Italian energy company Eni, Claudio Descalzi, has warned that oil prices could break out of their current $80-$100 per barrel range by the first quarter of 2027 if tensions and conflicts in the Middle East continue. Descalzi said releases from strategic petroleum reserves have so far limited price increases, but stressed that those stockpiles are not unlimited and that dependence on them carries risk. The Eni CEO said the long-term solution lies in strengthening energy security by diversifying supply sources and routes. He noted that inflation could rise and energy demand could fall if the crisis persists, and pointed to continued declines in global oil stocks in recent months. Descalzi added that the spread of artificial intelligence technologies and data centers has driven up electricity demand, making the stability of energy supply more important.