OPEC+ ministers have stressed the importance of safeguarding international maritime routes to ensure uninterrupted energy flows, warning that rising shipping and insurance costs are placing additional pressure on the global economy.
The ministers of OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC) met on the sidelines of the 17th International Energy Forum (IEF) Ministerial Meeting and the 25th WPC Energy Congress in Riyadh on October 12, 2026, to review oil market conditions.
During the meeting, they agreed to continue consultations with all OPEC+ countries through established mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and non-OPEC Ministerial Meetings (ONOMM).
The ministers also reaffirmed their commitment to the decisions adopted at the 41st ONOMM on June 7, 2026, aimed at achieving and sustaining stability in the global oil market.
They warned that disruptions to energy flows have driven shipping and insurance costs to unprecedented levels, exceeding one-third of the value of the commodities being transported. These higher costs are hindering the timely and efficient movement of crude oil and petroleum products while adding to global inflationary pressures.
The ministers further noted that elevated transportation costs are passed along the oil value chain, increasing the financial burden on both producing and consuming countries and weighing on global economic growth.
OPEC+ ministers said they would continue monitoring developments and engage with governments, industry stakeholders, and international organizations, including the IEF and the International Energy Agency (IEA), to improve global shipping conditions.
The latest call follows a warning by the Joint Ministerial Monitoring Committee (JMMC) on October 5 that disruptions to international maritime routes and attacks on energy infrastructure could increase oil market volatility and undermine efforts to stabilize global energy markets. The committee also highlighted the importance of protecting energy supply routes, particularly amid disruptions affecting the Strait of Hormuz and the Red Sea.
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