Eni CEO expects Brent oil to be around $80 a barrel by Q4

Eni's chief executive, Eni Energy Group, expects Brent oil to reach $80 per barrel within the next few months.

Claudio Descalzi, speaking on the sidelines of a conference on energy organised by Il Sole 24 Ore financial daily on Wednesday, said that "oil is expected to be around $80 a barrel while natural gas will cost us 30 euros per megawatt-hour".

Brent currently trades at $75 per barrel, while the benchmark front month contract for natural Gas at the Dutch TTF Hub is currently 36.50 Euros per megawatt-hour (MWh), LSEG's data shows.

Descalzi said that the European Union was also in danger because its economy is becoming less competitive, and it has become too specialized in the service sector at the expense the industrial sector.

He urged European institutions to be more pragmatic in their engagement with industry players and to reach an agreement on the energy transition pathway.

Descalzi said that the European automobile industry is not ready to deal with a 2035 planned ban on combustion engine vehicles. (Reporting and editing by Francesca Landini, Elvira Pollina)

(source: Reuters)