Oil prices fell Friday on news that Saudi Arabia and Iran were further from reaching an agreement on freezing output. However, the head of one of the world's biggest oil companies told CNBC he is confident that OPEC countries would reach a consensus later this month.
The head of the Italian oil company believes that both consumer and producers need "a different kind of price". Brent crude reached a $45.08 low during Friday's trading and WTI fell as low as $43.57 a barrel.
Descalzi is confident the price of oil would increase next year, but it is hard to predict by how much.
"I share the view that the price is going up, but the level is hard to say," the head of the Italian company told CNBC.