The increase in the price of transportation constitutes the major transportation costs of the increase in the price of oil - Novak

At a meeting in Riyadh, OPEC and OPEC+ ministers discussed the global increase in freight, shipping and insurance costs, which have increased five- to tenfold on some routes, according to Russia's deputy prime minister.

Moscow, October 12. /TASS/. Alexander Novak, the Deputy Prime Minister of Russia, said in an interview with the Vesti news program: The increase in the cost of transporting oil and ships accounted for the largest increase in the price of oil.

At a meeting in Riyadh, OPEC and OPEC+ ministers discussed global increases in shipping, freight and insurance costs, which have increased five- to tenfold on certain routes, Novak said. He said: "Today, the ministers noted that the increase in transportation, transport and insurance costs accounted for the bulk of this [oil] price increase.

He added: "Clearly, this reflects the current global risks, the lack of ships, the closure of the Strait of Hormuz and military risks. We also see attacks on civilian ships carrying oil or petroleum products in various parts of the world. This also contributes to the increase in transportation costs."

Novak noted that in this meeting, OPEC and OPEC+ ministers expressed their concern about this situation and agreed to jointly monitor it and cooperate with international organizations for market stability. He emphasized: We also agreed to continue our meetings to discuss such issues with consensus and take joint decisions with the aim of balancing the market.