Current market conditions could drive crude oil prices up "even higher" with "negative" consequences for producers and consumers, the chief executive of Italy's oil and gas giant Eni, Claudio Descalzi said on Wednesday.
"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 (on 4 November) 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.
The so-called 'OPEC+' group, which includes the world's biggest producer Russia, met at the weekend but did not agree to increase oil output as the market is well-supplied currently.
In a speech at the UN General Assembly on Tuesday, US president Donald Trump reiterated calls on OPEC to add new output and stop hiking prices. He also vowed more sanctions against Iran and accused it of "sowing chaos in the Middle East "and far beyond".
.jpg)
.jpg)
