Q3 2021 Eni SpA Earnings Call Transcript
Good afternoon, ladies and gentlemen, and welcome to Eni's 2021 Third Quarter Results Conference Call hosted by Mr. Francesco Gattei, Chief Financial Officer.
(Operator Instructions) I am now handing you over to your host to begin today's conference. Thank you.
Thank you. Good afternoon. Welcome to Eni 9 months 2021 Conference Call. The recovery of the global economy and the rebound in the demand for energy is continuing and accelerating. However, the pent-up demand that is emerging after the unprecedented disruption of 2020 is putting strain on the balance of the market.
In 2021, structural features of supply weakness, which are substantially expanding along the full range of commodities, have emerged. The slowness of the supply response is not totally related to the rapid recovery of the economy but more substantially to nearly 7 years of underinvestment that has affected these markets. As a consequence, Brent has returned to levels around $85 per barrel. While in gas, we are witnessing historical record
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