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Market Chatter: OPEC+ Struggles to Influence Oil Markets as Iran War Disrupts Supply

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OPEC+ is struggling to influence oil markets as the Middle East conflict disrupts exports and limits the group's ability to adjust supply, Reuters reported Thursday.

OPEC+ produced about 40% of global oil in July, down from more than 48% before the US and Israel attacked Iran in February, Reuters calculations show.

With the Strait of Hormuz largely closed, OPEC+ supply increases have reportedly had limited market impact. Instead, falling Chinese crude imports have emerged as a key balancing force. China has bought about 400 million fewer barrels since the war began due to weaker refining activity.

OPEC+ did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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