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The price of crude will average $60 to $65 a barrel in 2020. due partly to the decision earlier this month by the Organization of Petroleum Exporting Countries and allied producers to extend and deepen cuts in output. Descalzi said Saturday in Doha.
Benchmark Brent crude has ranged this year from an intraday low on Jan. 2 of $52.51 a barrel to a high on April 25 of $75.60. Brent futures finished trading in London on Friday at $65.22 a barrel. The coalition known as OPEC+ is seeking to rein in supply to prop up prices amid higher output from the U.S. and elsewhere as well as forecasts of weakening demand.
Descalzi also made the following comments:
Liquefied natural gas prices in Europe. the U.S. and Asia are converging and are at a low level. Despite the difficulty in forecasting LNG prices. he said he foresees that they’ll be low.
Rome-based Eni. with its partners Total SA and Novatek PJSC. will start drilling in Lebanon’s Block 4 in the first or second quarter of 2020.
In war-wracked Libya. Eni’s first priority is the safety of its staff. The company has operations at Libya’s El-Feel oil field. where output resumed last week following a brief halt that state-run National Oil Corp. blamed on criminal activity.
