Fuel, Crosetto: ‘Dialogue with Putin? The problem is the price of oil, not finding it’

Milan, 18 March (LaPresse) – Any talks with Vladimir Putin regarding oil supplies, given the situation in the Strait of Hormuz, are pointless: “That’s just how it is at the moment. The problem is the price, not finding the oil. For us, it is not so much a problem of supply sources as it is a problem of the price, which has risen following the events in Hormuz. It is not a problem of where we will source it from, because following the Ukrainian crisis we organised ourselves in such a way as to have multiple supply sources. The problem is that prices have risen significantly, so we continue to have what we need, but we are paying much more for it.‘ So said Defence Minister Guido Crosetto in an interview with Mattino 5 on Canale 5. ’Italy is taking action through its major companies. Eni is one of the world’s largest companies in the energy sector. It has taken action with Venezuela itself, with African sources, and with Asian sources such as Indonesia to cover the shortfall that could result from the closure of the Strait of Hormuz. But I must say that European countries, and Italy in particular, are among those least affected by the closure of the Strait of Hormuz. The oil arriving in Italy from the Strait of Hormuz accounts for around 5% of our requirements and can easily be sourced elsewhere. The biggest problem is the liquefied natural gas arriving from Qatar, which accounts for around 25% of our requirements. That is a problem, but it can be met from other sources. For us, it is not so much a problem of supply sources as a problem of the price, which has risen following the events in the Strait of Hormuz,” added Crosetto.