OPEC+ ministers warned that disruptions to international maritime routes have pushed shipping and insurance costs to more than one-third of commodity value, increasing the cost of moving crude oil and petroleum products and adding to inflationary pressures across the global economy.
The warning followed a meeting of ministers from OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC) in Riyadh where officials reviewed oil market conditions and reaffirmed their commitment to measures aimed at achieving and sustaining market stability.
The ministers said the elevated costs were impeding the timely and efficient movement of crude oil and refined products, with the additional expenses spreading across the oil value chain and placing a prolonged financial burden on both producing and consuming countries.
The statement did not identify the maritime routes affected or provide a breakdown of the shipping and insurance costs. However, the ministers stressed that safeguarding international shipping lanes was critical to maintaining uninterrupted energy flows.
Higher transport and insurance expenses can increase the delivered cost of energy even when the underlying price of crude oil remains unchanged. For importing economies, those additional costs can feed into fuel prices, production expenses and the cost of goods and services, while producers may face higher logistics bills and greater uncertainty in moving supplies to market.
The ministers said the burden of exceptionally high costs was ultimately transmitted across the oil value chain, with implications for global economic growth. They pledged to continue monitoring developments and engage with governments, industry stakeholders and international organisations, including the International Energy Forum (IEF) and the International Energy Agency (IEA), to improve global shipping conditions.
The meeting took place on the sidelines of the 17th IEF Ministerial Meeting and the 25th World Petroleum Congress in Riyadh. Ministers also agreed to continue consultations among OPEC+ participating countries through existing mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and Non-OPEC Ministerial Meetings (ONOMM).
They reaffirmed decisions adopted at the 41st ONOMM on June 7, 2026, reiterating their commitment to efforts to achieve and sustain stability in the oil market.
For oil-producing and consuming countries alike, the ministers said, restoring more efficient shipping conditions is important to easing cost pressures and supporting global economic activity.
