Eni CEO Claudio Descalzi testifies to Italian Parliament on underestimated energy risks (decode39.com)

• Descalzi said strategic oil reserve releases of 400 million barrels have kept prices in $90-$100 range, masking risks.
• He noted a blockade at the Strait of Hormuz since July 11, with no ships passing.
• Europe's traditional energy supply model based on Russia and Middle East has 'completely eroded.'
• Russian gas flows to Europe expected to stop completely by January 1, 2027.
• Italy's gas storage at 71-72% vs other European countries at 40-45%, expected to reach 90% vs their 70%.

"Eni CEO Claudio Descalzi told Italy's Parliament that energy markets are underestimating geopolitical risks. He argued that strategic oil reserve releases of 400 million barrels have kept prices in a $90-100 range, masking deeper vulnerabilities. Descalzi said Europe's traditional energy supply model based on Russia and the Middle East has 'completely eroded,' with long-lasting implications. He linked recent price movements to Iran developments and noted a blockade at the Strait of Hormuz since July 11. He also warned that Russian gas flows to Europe may stop by January 1, but assessed Italy's gas storage position as stronger than other European countries."