The world will need oil and gas for a long time, but talk of energy demand peaking before 2030 can only put pressure on industry finances and the resulting price increases. This was reported by TASS Referring to Eni CEO Claudio Descalzi.
“We need a transition to a balanced energy system where conventional sources complement renewable sources,” Descalzi said. According to him, even coal-fired capacities still remain an important element of many countries’ energy systems.
According to Eni’s president, demand for oil and gas is increasing and has even remained at the same level in some regions for two decades. He emphasized that giving up fossil fuels without supporting alternatives will lead to disruptions in energy supply and further increases in costs.
Recently, Saudi Arabia and Russia announced the extension of oil production cuts by 1 million and 300 thousand barrels per day, respectively, until the end of 2023. The world’s largest publications have already noted that this measure allows the two countries to benefit, as average oil prices are approaching the highest levels in recent years. According to Bloomberg estimates, Russia alone can count on excess revenues of about $ 11 billion, while the Russian Federation is actively bypassing the ceiling price set by the G7 countries at $ 60 per barrel.
Previously OPEC Secretary General Haitham Al Ghais expressed Optimism regarding oil demand.