The officials convened on the sidelines of the 17th International Energy Forum ministerial meeting and the 25th World Petroleum Congress Energy Congress. They will continue to monitor the situation and collaborate with the International Energy Agency, industry stakeholders, and other governments to improve conditions for international energy shipping.
Tuesday, October 20, 2026
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OPEC+ Warns Energy Shipping Costs Exceed 33% of Value
Commodities8 days ago
Disruptions along ocean trade routes are inflating the expenses required to move petroleum products between continents. Ministers from the Declaration of Cooperation, meeting in Riyadh, stated that these interruptions have pushed insurance and freight costs above 33% of the total value of the commodities being transported. The officials warned that this surge impedes the timely movement of crude oil and products while adding inflationary pressure to the global economy.
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