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Energy ministers from OPEC and non-OPEC countries
participating in the Declaration of Cooperation stated that oil transportation and insurance costs have risen to more than one-third of the commodity's value, creating serious obstacles to the shipment of crude oil and petroleum products.
The ministerial meeting took place on the sidelines of the International Energy Forum and the World Petroleum Congress in Riyadh. According to the ministers, disruptions in energy supplies are intensifying inflationary pressure on the global economy.
The ministers emphasized the need to protect international maritime routes, according to a statement on the OPEC website. They noted that high costs are exacerbating the financial burden on both producing and consuming nations, thereby negatively affecting global economic growth.
The ministers stated that they would continue to monitor the situation and engage with governments, industry stakeholders, and international organizations to improve conditions for global maritime transport.