OPEC+ ministers call for safeguarding energy shipments as rising costs raise risks for inflation, growth

MOSCOW. Oct 13 (Interfax) - OPEC+ ministers reviewed oil market conditions at a meeting on the sidelines of the International Energy Forum (IEF) and World Petroleum Council Energy Congress in Riyadh on Monday.

They agreed to continue consultation with all OPEC+ countries through already established mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and Non-OPEC Ministerial Meetings (ONOMM), and reaffirmed their commitment to the decisions made at a ministerial meeting on June 7, 2026 to achieve and sustain a stable oil market, OPEC said in a press release.

"In this context, the Ministers affirmed the critical importance of safeguarding the international maritime routes to ensure the uninterrupted flow of energy. They also noted that the current interruption of energy flows has elevated the cost of shipping and insurance which have reached unprecedented levels of more than one third of the commodity value, impeding the timely and efficient movement of crude oil and products, and placing additional inflationary pressures on the global economy," the press release said.

The ministers also stressed that these exceptionally high costs are ultimately transmitted across the oil value chain, increasing and prolonging the cost burden on producing and consuming countries and impacting global economic growth.

"The Ministers will continue monitoring the situation, and will engage with governments, industry stakeholders, and international organizations such as the IEF, IEA, and others to improve global shipping conditions," the release said.