# 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.

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- Publisher: Newsverum
- Section: Energy
- Country: Saudi Arabia
- Published: 2026-10-15T14:33:34+00:00
- Updated: 2026-10-15T14:33:34+00:00
- Event / data period: 2026-10-12
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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.

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.

| Assessment in the announcement |
|---|
| 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. |

Sources: <https://opec.org/pr-detail/619-12-october-2026.html> · Download data: [JSON](https://newsverum.com/api/v1/articles/opec-doc-ministers-shipping-insurance-costs-2026/data/opec-doc-october12-shipping-cost-claims?lang=en&format=json) · [CSV](https://newsverum.com/api/v1/articles/opec-doc-ministers-shipping-insurance-costs-2026/data/opec-doc-october12-shipping-cost-claims?lang=en&format=csv)

## Sources

- [Organization of the Petroleum Exporting Countries (OPEC)](<https://opec.org/pr-detail/619-12-october-2026.html>) (Source checked: 2026-10-15; Published: 2026-10-12)

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