OPEC+ Ousted as China Takes Center Stage Amid Iran War Oil Disruptions

The Iran war has significantly impacted OPEC+'s influence on the oil market, reducing its ability to control supply and prices. The group's share of global oil output has decreased from over 48% in February to about 40% in July.

OPEC+ accounted for a quarter of world oil output in July, down from nearly half before the US-Iran conflict began. The war has effectively shut the Strait of Hormuz, a key export route for top OPEC producer Saudi Arabia and other members such as Iraq and Kuwait.

China's reduced crude imports have emerged as one of the dominant themes this year, balancing oil markets amid the worst-ever supply disruption. Chinese demand for oil has declined by approximately 400 million fewer barrels since the war began.