Eni CEO Sees No Investment Changes Due to Oil Price - Report

Date : 06/15/2012 @ 5:45AM
Source : Dow Jones News
Stock : Eni (ENI)
Quote : 16.0  0.048 (0.30%) @ 10:57AM
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Eni CEO Sees No Investment Changes Due to Oil Price - Report

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MILAN--Eni SpA (ENI, E) Chief Executive Paolo Scaroni says he doesn't expect any oil producer to alter its investments because of the latest price of oil, Italian newspaper la Repubblic reports Friday.

"As long as the price of oil stays within the range of $70 to $100 a barrel, and I'm referring to the Brent, nobody will change their investment strategy," he is quoted as saying in an interview with the newspaper.

"We (Eni) are ready to put up with prices far below the current ones," he says.

"In general terms, I consider these (price) drops positive," he adds. "The global economy won't be able to recover with much conviction if oil prices are too high."

At 0907 GMT August Brent crude was up 56 cents (up 0.6%) at $97.73.

Newspaper website: www.repubblica.it

-Milan Bureau, Dow Jones Newswires; +39 02 5821 9901

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