Foreign Media: OPEC+ has lost influence in the oil market amid the Iran conflict, while China's influence is rising.
Six months after the outbreak of the Iran war, OPEC+'s share of global oil production dropped from over 48% to 40% (with a 4–5 percentage point decline due to the UAE's exit in May), and the core seven countries now account for only 25%.
The blockade of the Strait of Hormuz has prevented the group from quickly adjusting supply. This year’s six decisions to increase production have largely remained on paper, having almost no impact on oil prices. Meanwhile, China’s crude oil imports have decreased by approximately 400 million barrels year-on-year since the war began, with June’s import volume dropping to its lowest level in nearly a decade, thanks to fuel export bans, reduced refining output, and the widespread adoption of electric vehicles.
China has shifted from being a demand supporter last year to becoming a "swing demand center," replacing OPEC+'s former role as the "swing producer" in balancing the market.
Original article: toutiao.com/article/1874689143984140/
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