Russia Reduces Gas Flow to Italy by 15% as Inflation Tarnishes Consumer Confidence

The recent decision by Moscow to cut its gas supply to Rome by 15%, which was announced by fuel giant Eni earlier this week, did not catch the Mario Draghi’s government off guard albeit consumer confidence in Italy is at its lowest level in over 20 years. On Saturday Italy’s ecological transition minister Roberto Cingolani said he remains confident that filling underground gas storage to 90% by winter – a requirement recently adopted by the Council of the European Union to strengthen the bloc’s energy security- is still a feasible target. However, Minister Cingolani argued he expects prices to further…