The almost inconsequential increase in oil output announced by the OPEC+ group has highlighted an emerging dynamic in global crude markets, namely that the producer group is no longer in the driving seat. Since OPEC+ was formed in 2017 the market has hung on its every word and analysed every move with great detail, and oil prices have largely moved in tandem. But by increasing production by a tiny 100,000 barrels per day for September, the group, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and key allies including Russia, runs the risk of diminishing its relevance. OPEC+ is facing ... (full story)