• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Eni warns oil may shoot up to $200 without Opec cuts

22/01/2015
Reading Time: 2 mins read
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Italian oil group Eni has warned oil could shoot up to $200 a barrel if the Opec cartel fails to cut supplies.

Eni’s chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices.

He said that would create longer-term shortages and sharp price rises in four to five years’ time.

Mr Descalzi was speaking at the World Economic Forum in the Swiss resort of Davos.

He said: “Opec is like the central bank for oil which must give stability to the oil prices to be able to invest in a regular way.”

Politicians, economists and industry leaders in Davos have been voicing their worries over the impact of lower prices.

Total and BHP Billiton both said on Wednesday that they would cut back on shale oil projects.

People’s Bank of China governor Zhou Xiaochuan said low oil prices could slow down China’s development of renewable energy projects.

He said: “We worry a little bit that the price signal may give disincentive for new energy types to develop and could reduce investment in new non-fossil energy,”

But he added that lower prices would be good for the economy and job creation, because China was dependent on imported oil and gas.

Opec’s decision

Opec secretary general Abdullah al-Badri, also speaking at Davos, defended the group’s decision not to cut output.

He said: “Everyone tells us to cut. But I want to ask you, do we produce at higher cost or lower costs?

“Let’s produce the lower cost oil first and then produce the higher cost,”

“We will go back to normal very soon,” he said.

Oil prices have sunk by almost 60% since June to below $50 a barrel because of a large supply glut.

The price slide accelerated after Opec decided in November not to cut production.

Credit: BBC

Previous Post

The African state where a grenade is cheaper than a Coke

Next Post

Saudi Arabia’s King Abdullah bin Abdulaziz dies

Related Posts

world's most valuable brands

Apple ranks No.1 as World’s Most Valuable Brand, check out other top performers

29/06/2022
Africa's top 10 investment destinations, ghanatalksbusiness.com

CEOs reveal Africa’s top 10 investment destinations

28/06/2022
StockNow App, ghanatalksbusiness.com

StockNow to bring affordable working capital to Africa’s informal retail market

28/06/2022
Financial risk management, ghanatalksbusiness.com

Finance, Risk, and Financial Risk Management: From a Business Manager’s Standpoint

27/06/2022
5G Mokki

5G Mokki, the African Technology Space Network that will impact Global Businesses

20/06/2022
African consumers, ghanatalksbusiness.com

‘State of the African Consumer’ Report Issued by Kasi Insight

17/06/2022
Next Post

Saudi Arabia’s King Abdullah bin Abdulaziz dies

Saudi Arabia’s King Abdullah bin Abdulaziz dies

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In