Italian oil firm Eni has warned oil could jump to as much as $200 per barrel if the Organisation of Petroleum Exporting Countries (OPEC) fail to cut production.
The company said the oil price slide is leading to under investment within the oil industry.
Claudio Descalzi, Eni’s chief executive, said mismanagement may lead to longer-term shortages and cause prices to soar several years’ time.
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.”
His warning comes after Oman criticised the decision by OPEC to keep its output target unchanged.
Oil Minister Mohammed Al-Rumhy said the country was having a “really difficult time” because of low oil prices.
For more oil and gas news click here.
Recommended for you
