China emerges as oil market force as OPEC+ influence wanes
OPEC+ appears to have lost some influence over the market, with falling Chinese crude imports helping balance supplies amid what analysts call the worst-ever supply disruption.
OPEC+, the global oil alliance led by Saudi Arabia and Russia, saw its influence wane in 2026 as the Iran war disrupted oil markets. The group, which once controlled nearly half of global oil output, now accounts for only about a quarter, with its ability to manipulate supply and prices diminished by the Strait of Hormuz blockade.
Chinese crude imports have become the dominant force in balancing the market, with China's demand falling by approximately 400 million barrels since the war began. This shift highlights China's growing role as a swing producer, a position traditionally held by OPEC+.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- OPEC+ loses oil market sway in Iran war as China gains influence brecorder.com
- China emerges as oil market force as OPEC+ influence wanes freemalaysiatoday.com
