Published Sep 2, 2026, 5:30 AM ET · Updated 2 months ago · 1 source

OPEC+'s global oil output share to decline significantly by 2026 due to geopolitical events and member exits

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Original Report

OPEC+'s market share in global oil output is projected to drop from 48% before the Iran war to 40% by July 2026, a decline attributed to factors such as the closure of the Strait of Hormuz, damage to energy infrastructure from Iranian strikes, and the UAE's exit from OPEC, with Venezuela also considering leaving.