“There is talk of a crude shortage but products matter a lot, because then they are consumed and cause prices to rise. For us as Europe, these are diesel and jet fuel.” Jet fuel “already faced a shortage before, since access to the Russian market was closed about 60% came from the Gulf. And now those compensating are the US refineries operating at 95% of their production capacity compared to potential to make up for the shortages.” This was said by Eni CEO Claudio Descalzi during a hearing before the Chamber of Deputies Productive Activities Commission.
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Descalzi: “Complete stop to Russian gas from January”
“Regarding gas supply – said Descalzi – 36 billion from Russia will have to be compensated by the United States or East Asia, this leads us to have from January 2027 a further problem. The tail of the war will lead to a complete stop of gas arriving in Europe.” “This will find us in a storage situation worse than last year – continued the Eni CEO -, not for Italy which is in line with last year at 71-72%, everything is contracted, there are European countries that are far below. For Europe that relies on gas it is a concern, for those that rely on nuclear like France and partly Spain it is less so although every country must still have stability.”
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“We have been living a crisis for 5 years, not seen like this since the early ’80s”
“What we are experiencing is something that has not been seen in the last 4 energy cycles, meaning since the early ’80s,” emphasized the head of Eni. “We are living through a crisis that did not start now and culminated in the Persian Gulf crisis but in the last 5 years we had Covid, and on that occasion the world used strategic reserves as it is doing now,” then the war in Ukraine and “this third episode, in the Middle East, and even today about 9-10 million barrels are blocked just for crude and I am not talking about products.” Descalzi recalled that “these events that we are used to seeing one by one, as episodes, have happened in 5 years and there has been no time or possibility to recover, productions have been reduced, strategic reserves are being used with a gradient even higher than the Covid situation and shortages have accumulated and have not been absorbed.”
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