Rising oil prices could climb further: Eni CEO
Thursday - September 27, 2018 10:34 pm ,
Category : BUSINESS
Rising oil prices could climb further: Eni CEO
Rome Sep 27 (IANS/AKI) Current market conditions could drive crude oil prices up "even higher" with "negative" consequences for producers and consumers said the chief executive of Italy s oil and gas giant Eni Claudio Descalzi.
"This would be negative for all but market conditions could push prices up even higher " Descalzi told Italian daily Corriere della Sera in an interview.
Oil prices eased on Wednesday but were still poised for a fifth consecutive quarter of gains. Crude price rises are being driven by the impending implementation of US sanctions to halt oil exports from Iran and a drop in exports from the major oil producer in the last three months of the year.
Asked if crude oil prices could hit 100 dollars a barrel Descalzi said: "I won t risk making a prediction.
"Market instability will have a predictable impact on consumers. And on the environment given that at those (price) levels many would revert to coal " he said.
--IANS/AKI
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"This would be negative for all but market conditions could push prices up even higher " Descalzi told Italian daily Corriere della Sera in an interview.
Oil prices eased on Wednesday but were still poised for a fifth consecutive quarter of gains. Crude price rises are being driven by the impending implementation of US sanctions to halt oil exports from Iran and a drop in exports from the major oil producer in the last three months of the year.
Asked if crude oil prices could hit 100 dollars a barrel Descalzi said: "I won t risk making a prediction.
"Market instability will have a predictable impact on consumers. And on the environment given that at those (price) levels many would revert to coal " he said.
--IANS/AKI
mr/
