Dec. 19 (Bloomberg) -- Eni SpA, Italy’s biggest oil company, said the slump in oil prices won’t affect its projects at Kashagan in Kazakhstan and the Barents Sea.

Chief Executive Officer Paolo Scaroni said $30 oil isn’t “dramatically” low, though prices in a range of $60 to $70 would be better.

For the first part of 2009, oil demand growth will be negative, he predicted at a London conference today.

“Refining margins are probably going to go down simply because consumption of oil products is not moving up,” according to Scaroni.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

Last Updated: December 19, 2008 07:09 EST