Six months into the Iran war, the world’s most powerful oil alliance, Opec+, finds itself in an unfamiliar position: unable to influence a market it once helped shape, Reuters reports.
Opec+, the Organisation of the Petroleum Exporting Countries and allies including Russia, accounted for about 40 per cent of global oil output in July, according to Reuters calculations based on International Energy Agency data.
That’s down from more than 48pc before the US and Israel attacked Iran in late February, although about four to five percentage points of the decline were due to the United Arab Emirates’ withdrawal from Opec in May.
