Chief Executive Officer of Italian energy group Eni, Claudio Descalzi, said the global oil market will exit its $80-$100 range by the first quarter of 2027 at the latest.

According to Reuters news agency, Descalzi pointed to rising inflation and falling energy demand if the Middle East conflict continues, noting that drawing from inventories has helped keep crude prices largely within this range so far, stressing that the risks associated with this strategy are increasing because global reserves are limited.

The CEO of Italian energy group Eni said that "the long-term solution is to enhance energy security by diversifying supply sources and transport routes."

Descalzi explained that global oil inventories are declining by an average of 3.8 million barrels per day, and the rate of decline accelerated to 4.6 million barrels per day in May due to disruptions related to the Iran war that broke out at the end of February.

He added that countries should focus on producers in North Africa, sub-Saharan Africa, Latin America, and Southeast Asia.