OPEC+ loses oil market sway in Iran war as China gains influence
“They’ve become the swing demand centre.” — June Goh, Senior Analyst at Sparta.
- Expert: June Goh (Senior Oil Analyst, Sparta)
- Publication: Reuters
- Market Focus: Crude Oil, Oil Demand, Refining Economics
- Geographies: China, Middle East, Asia
In an analysis for Reuters, Sparta’s Senior Oil Analyst, June Goh, highlights how China has displaced OPEC+ as the market’s key balancing force amid the Iran war. China has imported roughly 400 million fewer barrels than a year earlier, a drop tied to a fuel export ban, weaker refining runs and growing EV adoption — capping prices even as OPEC+’s output share slid from 48% to 40%. With the Hormuz blockade leaving OPEC+ unable to act as swing producer, Goh notes China has effectively become the market’s swing demand centre. Traders should watch Chinese crude import and refining-run data as closely as OPEC+ decisions, since they now carry more weight for price direction.
[Read June Goh’s full commentary in Reuters]
About the Author
June Goh | Senior Oil Analyst, Sparta Commodities
June is a senior oil market analyst at Sparta specialising in global crude trade flows and refining economics across Asia and Europe. Her analysis is regularly cited by Bloomberg, the Financial Times, and Reuters. With a significant following in the energy community on X (@JuneGoh_Sparta), June’s insights are a staple for institutional traders navigating regional market shifts.
Connect: LinkedIn / X
About Sparta
Sparta is a live, market intelligence and forecasting platform that enables oil traders, refiners, banks, hedge funds and wholesalers to have access to real-time and global actionable insights to capture market opportunities before others.
To find out how Sparta can allow you to make smarter trading decisions, faster, contact us for a demonstration at sales@spartacommodites.com
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