Descalzi: "The blockade of Hormuz is the most important event of the last 40 years"

“We know that the truce never existed. We must put things in perspective. What happens in Golfo in Hormuz it’s probably themost important event in the last 40 years. Before that there had been the Gulf War, the 2008 financial crisis, the Covid pandemic, the war in Ukraine, all events that had caused demand to fall”. This was said by Eni’s CEO, Claudio Descalzi, during a panel dedicated to energy during the League’s political training school, when asked about the ongoing crisis with the blockade of the Strait of Hormuz.

Oil

“The physical oil market in Asia – Descalzi specified – is at 150 dollars a barrel, the Atlantic paper one is at 110. And so if there is a cargo leaving from Africa or anywhere else where does it go? The question at the moment is not the prices but the volumes needed. Europe consumes around 60 million tonnes of jet fuel, importing 35% of it, because in the last 18 years 36 refineries have been closed because it is said that oil and gas are not needed. Everything that is happening leads us to say that there is no more refining capacity in Europe. Either you have the capacity to produce what you need or otherwise you risk it: on jet fuel as on diesel”.