Italy Oil and Gas Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Italian oil and gas market is expected to register a CAGR of more than 3% during the forecast period. The COVID-19 pandemic had a severe impact on the Italian petroleum industry due to a decline in fuel demand caused by lockdowns, particularly in the industrial and commercial sectors. It was recorded that Italy had the longest downtime in the automotive factories in Europe, which was around 41 days in 2020. The oil and gas market in Italy is substantially driven by the extremely high energy demand, especially during long winters, and fluctuations in fuel imports, mainly from Russia. However, the market is hesitant to promise a thriving future due to the continuously increasing fuel prices in the country.
Key HighlightsThe Italian oil and gas market is moderately consolidated. Some of the major players in the market include Eni SpA, Edison SpA, Engie SA, SGS Italia SpA, BP PLC, TotalEnergies SE, and Zenith Energy Ltd (CA), among others.
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