OPEC+ Loses Grip as China's Oil Demand Weighs on Prices

OPEC+, the world's most powerful oil alliance, is struggling to maintain its influence over the global market. The war has damaged energy infrastructure in several OPEC countries and shut down a major export route for Middle Eastern oil, reducing the group's market share and ability to affect prices.

The alliance's core group of seven producers, including Saudi Arabia and Russia, accounted for only a quarter of world oil output in July. Crude output from this subgroup fell up to 10 million barrels per day below required levels in April, limiting OPEC+'s ability to raise supply and influence oil markets.

China's weaker demand for oil has helped place a ceiling on prices this year. The country's cuts in crude imports have emerged as one of the dominant themes of 2026, helping to balance oil markets amid what analysts describe as the worst-ever supply disruption.