Q1 2021 Eni SpA Earnings Call Transcript
Good afternoon, ladies and gentlemen, and welcome to the Eni's 2021 First Quarter Results Conference Call, hosted by Mr. Francesco Gattei, Chief Financial Officer. (Operator Instructions)
I am now handing you over to your hosts to begin today's conference. Thank you.
Good afternoon, and welcome to Eni First Quarter 2021 Results. 2021 is still a year of transition and the first quarter has demonstrated a different pace of recovery for our businesses. The quarter was positive for oil, with an 11% growth of Brent price in euro versus first quarter 2020. We have recorded a partial rebound of demand now at around 95 million barrels per day and a more materially disciplined supply, mainly thanks to the OPEC+ cut, a natural decline of tight oil production.
Likewise, chemicals rebounded strongly, benefiting from industry-wide disruptions due to the winter weather in the U.S. and higher demand in Asia. On the other hand, other sector are still facing a weak environment. Downstream was impacted by negative refining
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