Eni: Oil shock continuing

Record-high international oil prices will keep rising until Western countries rein in their demand, Paolo Scaroni, chief executive of Italy's biggest oil and gas company Eni, was quoted as saying on today.

US crude hit $143 a barrel today amid concerns stirred by a lower global oil supply and tensions between Israel and Opec member Iran.

"The price will continue to rise until we see a correction in western demand," Scaroni told Italian newspaper La Repubblica in an interview, Reuters reported.

Scaroni said US consumers have already been making efforts to trim energy demand as they cut on car travel, opt for trains and buy smaller automobiles.

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