Europe Faces ‘Big Hit’ From Loss of Russia Oil, Says Italy’s Eni
- continent will have to rely on extra supply from US: Descalzi
- Lack of new projects means oil market remains ‘very tight’
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Europe will have to rely on extra oil from the US next year to make up for a loss of supplies from Russia, according to Eni SpA.
The European Union is set to ban seaborne imports of Russian crude from Dec. 5 and refined products in February, as it seeks to punish Moscow for the invasion of Ukraine. Flows to the bloc will probably decrease by 2 million barrels a day, Claudio Descalzi, chief executive officer of the Italian energy company, said in an interview with Bloomberg in Abu Dhabi.