Italy’s Eni sees no major energy price upsets in 2023

Rome: The CEO of Italian oil and gas company Eni (ENI.MI), Claudio Descalzi, has said he does not expect any “big shocks” in the energy markets this year.

“European gas storages are full and, although the global economy has restarted, demand is not at its highest because China has not yet resumed full operations,” Descalzi said in an interview with La Stampa newspaper.

“Above all, in these months we have managed to diversify supplies, eliminating dependencies that are dangerous for the stability of supplies and prices,” he added.

He said imports of Russian gas had fallen to almost zero, thanks to supplies of liquefied natural gas from the United States and new contracts with several African countries.

Before Russia invaded Ukraine in 2022, Italy depended on Russia for 40% of its gas imports.

Eni said on Friday its first-quarter net profit fell 11% year-on-year on lower oil and gas prices compared with the first three months of 2022, but its results nonetheless exceeded expectations.