Italian gas company Eni returns to profit in third quarter

Italian oil and gas company Eni returned to a profit in the third quarter as crude oil prices nudge upward after OPEC production cuts.

Eni, which is about one-third government-owned, posted earnings of 344 million euros ($400 million), compared with a loss of 562 million euros a year earlier. It noted Brent crude prices rose 14 percent in the period.

Oil and gas production rose 5 percent to 1.8 million barrels of oil equivalent a day, with a ramp-up in the fourth quarter expected to reach the highest levels in seven years, at 1.9 million barrels of oil equivalent.

The higher production came despite OPEC cuts, which Eni offset by starting projects in Indonesia, Angola and Ghana earlier than expected, ramping up Kazakhstan, Egypt and Norway, and restarting Libyan fields.