According to Reuters' calculations based on International Energy Agency (IEA) data, OPEC+'s share of global oil production has fallen from over 48% before the Middle East conflict at the end of February to about 40% in July. Approximately four to five percentage points of this decline came from the UAE's withdrawal from OPEC in May, while continuous production increases from non-OPEC producers such as North America also diluted its share. The shrinking supply-side share, coupled with demand-side contraction, has made it increasingly difficult for OPEC+'s production decisions to influence oil prices. Since March, most of its six announced production increases have remained on paper, and blockages in the Strait of Hormuz have also prevented some crude oil from entering the international market. Weakening global oil demand has also become a new "ceiling" for oil prices, with the demand side gaining the "swing" attribute that previously belonged to OPEC+.