Milan — The chief executive of Italian energy group Eni expects Brent oil prices to recover to around $80 per barrel in the coming months.
“Oil (is seen) at around $80 per barrel, while for natural gas in Italy we can (expect a price of) 30 euros per megawatt hour,” Claudio Descalzi said on the sidelines of an energy conference organised by financial daily Il Sole 24 Ore on Wednesday.
Brent is currently trading around $75 per barrel while the benchmark front-month contract for natural gas at the Dutch TTF hub is currently at 36.50 euros per megawatt hour (MWh), LSEG data showed.
Descalzi also said the European Union is in danger due to its economy becoming less competitive and an excessive specialisation in services at the expense of the industrial sector.
He called for European institutions to become more pragmatic and engage with industrial players to agree on the energy transition path.
Descalzi added that the European automotive industry does not seem ready to cope with a planned 2035 ban for combustion engine cars.
Reporting by Francesca Landini and Elvira Pollina; Editing by Kirsten Donovan – Reuters
