OPEC+ Influence Wanes Amid Iran Conflict as China Shapes Oil Market
Six months into the conflict involving Iran, OPEC+'s influence over oil supply and prices has diminished due to widespread disruptions in the Middle East. The war has damaged energy infrastructure across several OPEC countries and restricted a key export route through the Strait of Hormuz, limiting the alliance's ability to adjust output effectively. OPEC+ accounted for about 40% of global oil production in July 2026, down from over 48% before hostilities began. The decline is partly due to the UAE leaving OPEC and reduced flexibility caused by the Hormuz disruption. Meanwhile, weaker Chinese crude imports have become a major factor stabilizing the market this year. The shift has moved focus away from production quotas toward physical export capabilities as traders assess how much oil can actually reach global markets during ongoing conflicts.
Topics: China oil demand Iran war OPEC+ Strait of Hormuz disruption