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.
"I think (there will be a deal). It's time to do something for the oil price," Claudio Descalzi, CEO of Eni, told CNBC on the sidelines of the launch of the Oil and Gas Climate Initiative in London.
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.
Italian Referendum
Eni, which is headquartered in the Italian capital of Rome, has operations in more than 60 countries, including Venezuela, Russia and Iraq. Descalzi denied losing sleep over geopolitical issues, but urged politicians to create a "good" investment environment.
"Normally, I talk about energy," Descalzi said when asked about the upcoming referendum in Italy, "talking about politics isn't easy."
Nonetheless, he showed strong support for Prime Minister Matteo Renzi, who said he would resign if the result of the referendum goes against his plans for constitutional reform.
"From an industry point of view, we need stability," Descalzi said, and "Renzi is stability."