Ansar Allah website - Report -2 Jumada Al-Awwal 1448 AH

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and participating non-OPEC countries affirmed that shipping and insurance costs had risen to unprecedented levels, exceeding one-third of the value of the underlying commodity being transported and hindering the smooth transportation of crude oil and its derivatives.

In their “Declaration of Cooperation,” the ministers, who met on the sidelines of the ministerial meeting of the International Energy Forum and the World Petroleum Congress in Riyadh, said disruptions to energy supplies had intensified inflationary pressures on the global economy.

According to a statement published on OPEC’s official website, the ministers stressed that rising costs were increasing and prolonging the burden on both producing and consuming countries, while casting a shadow over global economic growth.

They announced that they would continue to monitor the situation and engage with governments, relevant industry stakeholders, and international organizations in an effort to improve global shipping conditions.