OREANDA-NEWS Europe may face the problem of high gas prices in January 2027 due to the complete cessation of supplies of Russian liquefied natural gas and the low level of occupancy of gas storage facilities in a number of countries, said Claudio Descalzi, CEO of the Italian oil and gas company Eni.

According to him, Europe will have to replace about 36 billion cubic meters of gas previously supplied from Russia with supplies from the United States or East Asian countries.

"This means that starting in January 2027, we will have an additional problem," Descalzi said, speaking at a hearing in the commission on industrial activities of the Italian Chamber of Deputies on the situation in the Italian and European energy markets.

Recalling that the supply of Russian LNG will be banned from January 1, 2027, Descalzi stressed that Europe may find itself with a lower level of gas reserves than a year earlier.

"As a result, the gas storage situation will be worse than last year... When it gets colder in January, not only will there be no cubic meters from Russia, but there will also be fewer reserves," Descalzi said.

At the same time, Italy, according to the head of Eni, is approximately at the level of last year: the country's underground gas storage facilities are filled by 71-72%.

"However, there are European countries where the occupancy rate is much lower. This is a matter of concern for Europe, which runs on gas," Descalzi stressed.