OPEC: Energy shipping and insurance costs rise to unprecedented levels
Amman1 min read
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Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and participating non-member countries in the "Declaration of Cooperation" stated that shipping and insurance costs have risen to unprecedented levels, exceeding one-third of the value of the transported commodity, which has hindered the smooth transport of crude oil and its derivatives.
The ministers, who met on the sidelines of the International Energy Forum ministerial meeting and the World Petroleum Congress in Riyadh, added that energy supply disruptions have increased inflationary pressures on the global economy.
A statement published on the OPEC website mentioned that the ministers emphasized the importance of protecting international maritime corridors, stressing that rising costs increase the burden on both producing and consuming countries, prolong it, and cast a shadow over global economic growth.
The ministers added that they will continue to monitor the situation and communicate with governments, relevant industry stakeholders, and international organizations with the aim of improving global shipping conditions.
