Skip navigation


Current DateTime: 06:53:48 30 Nov 2009
LinksList Documentid: 24355697
  • The Cost of True Love

      In the popular holiday song "The 12 Days of Christmas," the cost of gifts - from the 12 drummers drumming to a partridge in a pear tree - is quite pricey.

  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

FEATURED QUIZZES


Current DateTime: 06:53:48 30 Nov 2009
LinksList Documentid: 33793611
  • Test Your Google IQ

      How much do you know about the most popular search engine in the world? Take the following quiz and find out.

  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.


Current DateTime: 06:53:48 30 Nov 2009
LinksList Documentid: 24890560
  • Holiday Central

      There are plenty of reasons to believe that this Christmas holiday season will not be as bad for retailers as last year.

  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

powered by digg
Eni CEO Sees Oil Prices Rising Further: Paper
By: Reuters | 02 Jul 2008 | 03:53 AM ET
Text Size

Record-high international oil prices will keep rising until Western countries rein in their demand, Paolo Scaroni, chief executive of Italy's biggest oil and gas company Eni, was quoted as saying on Wednesday.

U.S crude oil hit $143 a barrel on Tuesday amid concerns stirred by a lower global oil supply and tensions between Israel and OPEC member Iran.

"The price will continue to rise until we see a correction in western demand," Scaroni told Italian newspaper La Repubblica in an interview.

Scaroni said the price might rise up to $200 a barrel, spurred by strong demand and speculation, or fall back to $120 a barrel in August as a lot of factors could swing the price either way.

"Nothing is linear or predetermined," he said.

Scaroni said U.S. consumers have already been making efforts to trim energy demand as they cut on car travel, opt for trains and buy smaller automobiles.

Eni, which is one of 35 energy companies qualified by Iraq's government to bid long-term development oil contracts, would take part in tenders, Scaroni said adding the group would open an office in Baghdad.

Scaroni also reiterated Eni's commitment to continue working in Iran despite a pressure from the U.S. government to exit the country which is under U.N. sanctions over suspicions that it is secretly preparing to build nuclear weapons.

"We have invested a lot in Iranian projects and if we leave we would lose between $2 billion and $3 billion... We do not plan to do new contracts but we cannot allow ourselves to leave without causing a big damage to shareholders," Scaroni said.

Eni would exit Iran only if Italian government or the United Nations declared a force majeure there, he said.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
  • UPS truck
  • UPS is giving its customers the option to offset its carbon emissions when sending a package.
  • Romania's presidential campaign has been rocked by a video that may show the president striking a 10-year-old boy.
  • alligator
  • Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
  • A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
  • The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
ADD COMMENTS
Remaining characters


Current DateTime: 05:22:42 30 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 11:44:56 30 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 05:55:23 30 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 11:23:57 30 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters