Oil majors affected by OPEC+ output hike, not from U.S. tariffs, Eni exec says

CERNOBBIO, Italy (Reuters) – Oil majors are struggling after eight OPEC+ international locations unexpectedly agreed to extend oil output in Could, whereas tariffs imposed by U.S. administration had a muted impact on the sector, Eni’s high govt Francesco Gattei stated on Friday.

He added that vitality teams might react to the potential for tariffs denting world financial development, lowering demand for energy.

The precise improve in OPEC+ manufacturing might outcome decrease than introduced when bearing in mind a stricter U.S. embargo on Venezuela and the potential drop in Kazakhstan’s oil flows, Gattei added, talking on the sidelines of a enterprise convention.

(Reporting by Giancarlo Navach; writing by Francesca Landini, modifying by Giulia Segreti)