JOE KLAMAR | AFP | Getty Images
Saudi Arabia’s energy minister and president of the Organization of the Petroleum Exporting Countries (OPEC), Khalid al-Falih (R), attends the 172nd meeting of the OPEC Conference, at OPEC headquarters in Vienna, Austria, on May 25, 2017.
“I think that OPEC need to keep this position … It’s not just to balance demand but also to give an assurance to all the investors,” ENI Chief Executive, Claudio Descalzi, told CNBC on Friday.
Descalzi added investors needed to know OPEC and non-OPEC countries would continue to be “able to interact positively with the market to balance supply and demand” over the long term.
“We need stability and OPEC is really important” to achieving that beyond March next year, Descalzi concluded.
OPEC and the International Energy Agency (IEA) have recently reported that demand has improved, though the IEA raised concerns about future consumption growth in its latest report.
On Friday afternoon, WTI traded at $52.38 and Brent crude traded at $58.96.
