“At this moment, the induced fortunately maintains a strong resistance for a few more months against an unexpected player called Covid19. A sharply falling crude oil price was not foreseen in the annual investment plans for the present and the future, at least over a period of 3 years, while, like everyone, we found ourselves dealing with this anomalous social and market ”the statement by the President of FederPetroli Italia - Michele Marsiglia on the delicate moment affecting the international scene due to the Corona Virus pandemic.
“To date, thanks to smart-working policies, we are working with a regime that, given the times, we can consider optimal. Management meetings and conference calls are regularly held through devices and other interconnection tools. The operational / managerial part, not being in office locations, encounters some more difficulties for documents but still holds up the operation ".
On the asset of the Fuel Network Marseille continues “The Fuel Network at this moment is where we find the greatest loss when it comes to consumption. The photograph is international but if we talk about Fuel Systems and Service Stations in Italy the supply has dropped by more than 80% from the daily pre-epidemic flows. A Manager (Petrol Station) earns about 3/5 Eur cents per liter sold on Self-service and Served, in recent days the daily earnings before taxes are on average around 35 Euros, the situation is disastrous. The Oil Companies, primarily ENI, have given signs of help by allowing deferred payment on the purchases of tankers and supporting the Manager with the purchase of Personal Protective Equipment (PPE) to immediately comply with the Government Directives. This has been a great help but if the situation does not change, many managers will collapse with the sale of the business ”.
Crude Oil Price at $ 20 a Barrel and a Fall on the Stock Exchanges of Oil Stocks “International Oil & Gas had to review investments, dividends and development plans, it was inevitable. The surplus of crude oil both in the processing of refineries around the world and in storage deposits is struggling to be disposed of and sold. With crude oil fluctuating around $ 20 / B, many investments can no longer be supported and the waiting period is now minimal. In the short term, we will see major changes in the geopolitical scenarios due to the new oil market shares ”concludes Marseille.