Six months into the Iran war, OPEC+ is confronting a dramatic shift in the global energy market. The world's most powerful oil alliance is losing its ability to influence prices while China is emerging as an increasingly important force in determining where crude prices go next.
The war has disrupted one of the world's most important oil corridors, damaged energy infrastructure across the Middle East and sharply reduced the amount of crude that several OPEC+ members can physically export. As a result, production announcements that once could send oil prices soaring or tumbling are having far less impact, according to a Reuters analysis published Thursday.
