- OPEC+ has lost influence over the oil market six months into the Iran war after disrupted exports and infrastructure damage eroded the alliance’s market share and price-setting power.
- Reuters reports OPEC+’s share of global oil production has fallen to 40%, while China’s oil-import cuts are helping balance the market.
- China is emerging as the swing consumer as OPEC+ is no longer able to function as the swing producer.
Quotes
“China becomes swing consumer as OPEC+ can't be swing producer”