OPEC Plus Loses Market Sway Amid War
OPEC Plus has lost its ability to influence global oil markets six months into the Iran war. Lower Chinese crude imports and supply disruptions have reduced the alliance market share.
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OPEC+ has lost its grip on global oil markets, accounting for 40% of world output in July after six months of war in Iran. The decline follows military strikes by the United States and Israel that damaged infrastructure and effectively shut the Strait of Hormuz.
