LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Oil markets need regulator in face of speculators - Eni CEO

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sun, Jul 23, 2017
08:39 pm
Reuters

Energy markets might need to be regulated to put a brake on widespread financial speculation that is distorting crude prices, the head of Italian oil major Eni told Il Sole 24 Ore newspaper.

Eni CEO Claudio Descalzi said OPEC and Saudi Arabia were not in a position to push prices higher by cutting output, adding that geopolitical tensions, growing U.S. shale oil production and heavy speculation in crude futures were hurting the sector.

"The financial speculation is so strong that it has transformed even those with long term strategies into short term investors," Descalzi was quoted as saying.

"Perhaps we should adopt in the oil sector the sort of regulations and market controls that were imposed on banks. Banks have a central watchdog, while in the past, our regulator was OPEC, which is no longer playing the role it once had."

He said hedge fund speculators no longer believed that the Organization of the Petroleum Exporting Countries (OPEC) was in a position to introduce radical output cuts.

Six OPEC and non-OPEC ministers are due to meet on Monday in St Petersburg to discuss the market outlook and review a global pact on reducing crude supplies that was agreed this year.

Asked if he thought further cuts might be decided, Descalzi said: "I am not optimistic."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Crorepati calculator: Your Rs 300pd savings can make you a crorepati! Kartik Jhaveri reveals how to become rich - MONEY tip

Gmail user? Important update warning issued by Google; if you don't do this, you will be blocked and not be able to use special features

RBI Grade B 2021 Notification News: Bumper vacancies at Reserve Bank of India! Check how to apply online at rbi.org.in

SECI Recruitment 2021: Salary up to Rs 2 lakh! Apply on seci.co.in; check eligibility, last date and other details

Reliance Industries shares decline over 2 pc; Future Retail tanks 5 pc

Adidas unveils ULTRABOOST 21, a fresh update of the brand’s most successful ever running franchise

Tata Steel, JSW Steel, SAIL to Jindal Steel - Important trend sighted, check impact

Took Credit Card loan and turned defaulter over payment of EMI? RBI helps you this way, says money expert Pankaj Mathpal

ZeeBiz report gets thumbs-up from govt: Scrappage policy green flagged by Modi Cabinet; Anil Singhvi decodes impact on owners, auto-makers | Explained

This trick will grow your money much better | Mutual Fund Sahi Hai - Varun Sridhar, Manikaran Singhal EXPLAIN how to get rich faster

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved