Milan, July 11 (SANA)Continued tensions in the Middle East could push globaloil pricesbeyond their current range of $80 to $100 per barrel by the first quarter of 2027,EniCEOClaudio Descalzisaid, warning that prolonged regional conflicts are increasing pressure on energy markets.

Speaking to Reuters on Saturday, Descalzi said withdrawals from global oil inventories have so far helped keep crude prices within that range, but cautioned that continued reliance on stockpiles carries growing risks as available reserves decline.

He said the long-term solution lies in strengthening energy security through diversified supply sources and transport routes. Global oil inventories are falling by 3.8 million barrels per day, with the decline accelerating to 4.6 million barrels per day in May due to disruptions linked to the war in Iran that began in late February, he added.

Descalzi called for stronger cooperation with oil producers in North Africa, sub-Saharan Africa, Latin America and Southeast Asia, saying Eni’s exposure to the Middle East remains limited, with most of its exploration and production activities concentrated in Africa and Latin America.

He also highlighted growing electricity demand driven by the expansion of artificial intelligence technologies and the rapid growth of data centers, saying it will increase the need for reliable energy supplies in the coming years.

Oil prices declined inglobal marketson Friday as concerns over supply disruptions eased amid hopes that shipping traffic through theStrait of Hormuzcould resume. However, prices remained volatile due to geopolitical uncertainty in the Middle East and the impact of theU.S.-Iran conflicton global energy supply routes.