OPEC+: Shipping Costs Rise to Unprecedented Levels

Riyadh, October 13 (QNA) - OPEC+ countries warned that shipping and insurance costs for oil tankers have reached unprecedented levels, exceeding one-third of the value of their cargoes. In a statement issued today following the ministerial meeting of the International Energy Forum and the World Petroleum Congress in Riyadh, OPEC+ countries affirmed that rising transportation costs are increasing the burden on both producing and consuming nations and negatively affecting global economic growth. The statement noted that disruptions to energy flows and rising transportation costs are exacerbating inflationary pressures on the global economy and hindering the efficient transportation of crude oil and petroleum products. It stressed that protecting international maritime routes has become an urgent necessity to ensure uninterrupted energy flows. OPEC+ renewed its commitment to the decisions of Jun. 7, 2026, aimed at achieving and maintaining stability in the oil market. It noted that the alliance would continue monitoring developments and coordinating with governments and international organizations to improve global shipping conditions. The statement comes at a time when oil prices remain elevated. OPEC+ countries had previously announced additional voluntary adjustments in April and November 2023. (QNA)