The Organization of Petroleum Exporting Countries is fading, though Middle East producers may reign supreme, the CEO of Italian energy company ENI said. Claudio Descalzi, ENI’s top executive, told delegates at a Middle East and North African energy conference in London current weakness in the crude oil market was driven by near-sighted focus on certain data sets that may not correlate with long-term fundamentals “The lack of a regulator — the role played before by OPEC — which balanced oil prices and gave a long-term perspective, has resulted in the market being handed over to short-term positions,” he said in his remarks. OPEC members have pushed a robust production policy even as crude […]