Eni SpA, Italy’s largest oil producer, reported a net loss in the third quarter after crude prices slumped.
The adjusted net loss was 257 million euros ($281 million) compared with net income of 1.17 billion euros a year earlier, the Rome-based company said Thursday in a statement.
“The fundamentals of the oil market remain weak due to oversupplied global markets and uncertainties about the resilience of demand,” Eni said, announcing a reduction in its annual spending plan. The shares fell as much as 1.6 percent in Milan.
Brazil Energy Insight 
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