Oil multinational Eni not worried by low prices, says CEO

(AGI) Rome, Dec 10 - The sharp drop in oil prices does notworry Italian oil and gas giant Eni, said CEO Claudio Descalzi.The company was used to fluctuations and "we have theflexibility to adapt. We do not see the situation as one forpanic and worry, but as an opportunity," he stressed. The U.S.has revised down estimates for domestic oil production nextyear by 100,000 barrels a day. The U.S. will produce 9.4million barrels a day next year, according to the Department ofEnergy, above the 9.3 million barrels a day predicted by theInternational

(AGI) Rome, Dec 10 - The sharp drop in oil prices does notworry Italian oil and gas giant Eni, said CEO Claudio Descalzi.The company was used to fluctuations and "we have theflexibility to adapt. We do not see the situation as one forpanic and worry, but as an opportunity," he stressed. The U.S.has revised down estimates for domestic oil production nextyear by 100,000 barrels a day. The U.S. will produce 9.4million barrels a day next year, according to the Department ofEnergy, above the 9.3 million barrels a day predicted by theInternational Energy Agency. The revision of the forecast comesas oil prices collapsed to a five-year low because of a declinein global demand and OPEC's decision not to cut production. Themove is considered by many analysts to be aimed at weakeningU.S. shale oil operators, who would not find it profitable tomake investments when prices are low. The sharp increase in oilsupply in the last year is due to the boom in unconventionalhydrocarbons. Disappointing figures for inflation in China andthe German trade balance pushed down the price of oil downfurther on Wednesday. WTI light crude in New York fell 81 centsto 66.03 dollars a barrel, and London Brent crude dropped 86cents to 62.96 dollars a barrel. (AGI) .