OPEC is dead, Rosneft’s head Igor Sechin has told Reuters . In a fine example of stating the obvious – at least to those who have been keeping an eye on the energy industry – and putting it in context, the chief of Russia’s largest oil company welcomed an era where the oil market will be driven by “finance, technology and regulation.” Russia and OPEC are natural rivals, although there has been a sense of partnership, especially after the advent of shale in the U.S., when both started pumping more and more crude to preserve their market share. It was Russia that tried earlier this year to negotiate a production freeze with OPEC, and while some smaller OPEC members were ready to sign on the spot, the organization’s leader, Saudi Arabia, blew the proposal off, demanding that Iran also take part in the freeze. Related: OPEC […]