Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and participating non-OPEC countries under the Declaration of Cooperation said shipping and insurance costs had risen to unprecedented levels, exceeding one-third of the value of the commodities being transported and hampering the smooth movement of crude oil and petroleum products.
The ministers, who met on the sidelines of the International Energy Forum ministerial meeting and the World Petroleum Congress in Riyadh, said disruptions to energy supplies had added to inflationary pressures on the global economy.
A statement published on OPEC’s website said the ministers stressed the importance of protecting international maritime routes. They also warned that higher costs were placing a heavier and more prolonged burden on both producing and consuming countries, while weighing on global economic growth.
The ministers said they would continue to monitor developments and engage with governments, industry stakeholders and international organizations with the aim of improving global shipping conditions.
Source: Reuters
