Eni CEO says Mideast conflict has not led to loss in oil production

KUALA LUMPUR: The chief executive of Italy’s Eni said on Tuesday that the Israel-Iran conflict has not led to a loss in oil production, and that the Organization of the Petroleum Exporting Countries still has spare production capacity.

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“We are not losing production … OPEC has spare capacity. We have stock. So there’s nothing to worry for the oil and gas situation,” CEO Claudio Descalzi told Reuters on the sidelines of the Energy Asia conference.