The smaller and higher-cost international oil companies and countries will indeed suffer.” Opec has about 80% of the world’s oil reserves of which the Middle East members Saudi Arabia, Iraq, Iran and the United Arab Emirates hold the bulk.... The big Gulf producers are more naturally inclined to Asia, so they will not be exposed as quickly.” Recent moves by Opec+ to allocate higher baselines for supply curbs in 2022 for the biggest Gulf players show more market share going to the biggest produc