Oil transportation and insurance costs are more than a third of the value of the goods - OPEC

Ministers stressed the critical importance of protecting international sea lanes to ensure the uninterrupted flow of energy.

Moscow, October 12. /TASS/. According to the OPEC statement released after the meeting of OPEC and OPEC+ ministers in Riyadh, the current disruptions in oil supply have increased insurance and transportation costs, which now account for more than a third of oil prices.

In this regard, the ministers emphasized the vital importance of protecting international sea lanes to ensure the uninterrupted flow of energy and also noted that the current interruption of energy flow has increased transportation and insurance costs, which have reached unprecedented levels of more than one-third of the value of goods, and hindered the timely and efficient movement of petroleum products. It is stated in this statement.

In a meeting held on the sidelines of the World Petroleum Congress (WPC Energy) and the meeting of the International Energy Forum (IEF), the ministers also emphasized that these very high costs will eventually ripple through the entire value chain of the oil industry and increase the financial burden on the shoulders of producing and consuming countries and affect the growth of the global economy.

"Ministers will continue to monitor the situation and engage with governments, industry stakeholders and international organizations such as IEF, IEA and others to improve global transport conditions," the statement said.

In this meeting, the ministers also reviewed the market situation and agreed to continue consultation with all OPEC+ countries within the framework of existing mechanisms - including the Joint Ministerial Monitoring Committee (JMMC) and OPEC+ Ministerial Meetings - and reaffirmed their commitment to the decisions taken on June 7, 2026 at the Ministerial Meeting aimed at maintaining the stability of the oil market.