OPEC and partner-country ministers flag pressure from shipping costs
Participants in the Declaration of Cooperation meeting in Riyadh on October 12 said freight and insurance costs were hindering some energy shipments.
Event / data period:
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Ministers from OPEC and non-OPEC countries participating in the Declaration of Cooperation met in Riyadh on October 12 to review oil-market conditions. OPEC said they agreed to continue consultations with other participants through existing mechanisms in pursuit of a stable oil market.
The ministers said the current interruption of energy flows had pushed shipping and insurance costs to exceptionally high levels, exceeding one-third of commodity value. They said those costs were impeding the timely movement of crude oil and products and adding inflationary pressure. OPEC did not specify which routes or cargoes the comparison covered, so the figure cannot be generalized across shipments.
Data
Shipping effects cited by the ministers
Qualitative assessments in OPEC’s announcement of October 12, 2026.
| OPEC said freight and insurance costs exceeded one-third of commodity value; those costs impeded timely movement of crude oil and products and added inflationary pressure. The source did not define the comparison’s scope. |
Methodology
The table summarizes OPEC’s wording. The source did not identify the routes or cargoes covered by the more-than-one-third comparison, so it cannot be generalized to all shipments.
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Subjects and places
Subject proposals
- InsuranceSuggested
- Subject suggested from the title or summary: insuranceopec.org ↗
- Oil and gasSuggested
- Subject suggested from the title or summary: OPECopec.org ↗
- TransportSuggested
- Subject suggested from the title or summary: shippingopec.org ↗
Geographic references
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- Saudi Arabia · Place role: Coverage · Place type: Country or area · Location precision: RegionalEvidence
- Explicit preserved editorial country/region; no city or national centroid inferredopec.org ↗