CroatiaThe article discusses how the war between Israel and Iran has reduced the influence of OPEC+ on global oil prices by limiting their ability to adjust production and export capacity. The conflict has disrupted key shipping routes like the Strait of Hormuz, which is critical for countries such as Saudi Arabia, Iraq, and Kuwait. As a result, OPEC+'s share of global oil production has dropped significantly, with its market influence now minimal compared to earlier periods. Meanwhile, China's decreased crude oil imports have helped maintain market balance despite supply challenges. Analysts note that while OPEC+ previously had a major role in shaping oil prices, accounting for around 40% of global production, the current situation is more complex due to simultaneous production and export constraints across multiple members. The article highlights historical precedents where conflicts affected oil supplies but notes this crisis is more severe due to the combined impact of war-related disruptions.
Bias read (Center): The article presents factual economic data and historical context without overtly favoring any particular political ideology. It reports on the geopolitical and economic implications of the war without taking a clear ideological stance, though it does emphasize the shift in power dynamics toward non
