Current disruptions in oil supplies have driven up insurance and transportation costs, which now account for more than one-third of the oil's price, according to an OPEC statement released following the meeting of OPEC and OPEC+ ministers in Riyadh.
The Ministers affirmed the critical importance of safeguarding the international maritime routes to ensure the uninterrupted flow of energy.
"They also noted that the current interruption of energy flows has elevated the cost of shipping and insurance which have reached unprecedented levels of more than one third of the commodity value, impeding the timely and efficient movement of crude oil and products, and placing additional inflationary pressures on the global economy," the statement says.
During a meeting held on the sidelines of the World Petroleum Congress and the International Energy Forum session, ministers also emphasized that these extremely high costs ultimately ripple through the entire oil industry value chain, increasing the financial burden on both producing and consuming nations and impacting global economic growth.
At the meeting the ministers also reviewed the market situation and agreed to continue consultations with all OPEC+ countries within the framework of existing mechanisms--including the Joint Ministerial Monitoring Committee (JMMC) and OPEC+ ministerial meetings--and reaffirmed their commitment to the decisions adopted on June 7, 2026, at the ministerial meeting aimed at maintaining oil market stability.
