OPEC+ loses oil market sway in Iran war as China gains influence

August 28th 2026
OPEC+ — the Organization of the Petroleum Exporting Countries and allies including Russia — accounted for about 40% of global oil output in July, according to Reuters calculations based on International Energy Agency data.- Global Gas Demand Hits Record 4,202 Bcm in 2025, Set to Decline in 2026
- Enbridge Expands Permian Footprint With $600 Million Crude Asset Deal
- China's CNOOC makes record interim profit on higher oil prices, output
- EIA: US crude inventories up 100,000 bbl
- TAQA Arabia Enters Jordan With 14-Km Gas Pipeline Under $70 Mn Industrial Projects
- Drop in oil prices halted by new fears of Russian escalation in Ukraine
- Oil extends losses on hopes for Middle East talks to ease supply woes
- EU should stop moralizing on Arctic oil and let us get drilling, says Norway
- Oil Prices Tumble to Two-Week Low as Iran-Oman Talks Raise Hopes for Strait of Hormuz Reopening


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