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(Bloomberg) — The global energy situation could deteriorate further as oil inventories decline and competition for supplies intensifies, Eni SpA’s Chief Executive Officer Claudio Descalzi told Italian daily Il Sole 24 Ore.
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“In the short term, it’s possible” that the energy crisis worsens, Descalzi said in an interview published on Saturday, while warning that Europe will remain heavily dependent on US liquefied natural gas to rebuild storage before winter.
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Competition for oil and gas is set to intensify as inventories shrink, with Europe in need to buy about 35 billion cubic meters of LNG to reach its 80% storage target before winter, he said. Italy is ahead of European peers, with gas stockpiles already at about 70% of capacity, he added.
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Europe should use the “unprecedented succession of crises” — from the Covid-19 pandemic to Russia’s war in Ukraine and the conflict involving Iran — as a starting point to address energy security, Descalzi said.
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The Strait of Hormuz crisis has marked a turning point for global energy security, with the risk of disruptions at strategic shipping chokepoints likely to raise transport and financing costs as well as insurance premiums, he said, adding that there is now a “before and after Hormuz.”
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Europe should diversify energy sources and supplier nations while continuing to invest in hydrocarbons alongside renewables, carbon capture, biofuels and nuclear power, Descalzi said. He identified North Africa, sub-Saharan Africa, South America and Southeast Asia as key regions for future supply diversification.
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