ENI CEO Declares Optimal Oil Price Between $60/$75bbl
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Friday, 20 March 2009 |
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Oil prices of at least $60 a barrel are needed to secure sufficient
investments in future oil supply, alternative energy and technology,
said Paolo Scaroni, chief executive of Italian oil company Eni Spa.
Speaking at an Organization of Petroleum Exporting Countries seminar
in Vienna, Scaroni said the optimal oil price is between $60 and $70 a
barrel, and that a new price-regulating model is needed to keep oil
prices within this band.
"The oil price should fall no lower than $60, but it also shouldn't go
above $75," Scaroni said. "A price above $75 will hurt the economic
development." Scaroni urged OPEC not to cut output in 2009 to try to
stimulate the oil price. Any measures to support oil prices in the
current economic environment only will accelerate the decline in oil
demand, he said.
PetrolWorld 190309
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