The global energy mix will continue to rely on oil and gas for years to come, even as the push for cleaner alternatives gains momentum. Discussions about demand peaking before 2030 can place pressure on industry finances and, in turn, fuel price movements. This perspective was reported by TASS, citing comments from Claudio Descalzi, the chief executive officer of Eni.
Descalzi argued for a balanced energy system where conventional fuels support the expansion of renewables. He pointed out that coal-fired generation remains an important component of many national grids, underscoring the need for a practical transition that preserves reliability while decarbonizing gradually.
Eni’s leadership has stressed that demand for oil and gas continues to rise in certain regions or has stayed steady for two decades in others. The message is clear: eliminating fossil fuels without credible alternatives could disrupt energy supplies and lift costs for consumers and businesses alike.
In the energy market news cycle, Saudi Arabia and Russia recently extended cuts in oil production by 1 million and 300 thousand barrels per day, respectively, through the end of 2023. Major global publications have noted that these measures have supported higher average oil prices in recent years. Market analysts at Bloomberg estimate that Russia could accumulate substantial excess revenues, and commentary suggests the country is navigating around pricing ceilings set by a group of advanced economies held at 60 dollars per barrel.
Earlier, OPEC Secretary General Haitham Al Ghais expressed optimism about oil demand prospects, signaling continued attention to supply dynamics as producers balance market needs with evolving policy landscapes.