By Summer Said
The crude oil market would recover more quickly if the
Organizaton of the Petroleum Exporting Countries cut production in
June, but prices are unlikely to reach $100 a barrel again, the
head of Italian energy company Eni SpA (ENI.MI) said Saturday.
"We have to see what OPEC is going to do in June because if OPEC
is going to cut production the recovery will be faster," Claudio
Descalzi told The Wall Street Journal on the sidelines of an
economic conference in the Egyptian resort town of Sharm El
Sheikh.
Oil prices are stabilizing as the difference between supply and
demand is narrowing due to economic growth in some countries in
Europe and Asia while production is slowing, but the market could
still be volatile, he said.
"Though there is positive growth in price...I don't think prices
will reach $100. Our assumption is that prices will reach $80 or
$90 by 2019," Mr. Descalzi said.
Write to Summer Said at summer.said@wsj.com
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