Riyadh:OPEC+ countries have expressed concern over the unprecedented rise in shipping and insurance costs for oil tankers, which now exceed one-third of the cargoes' value.

According to Qatar News Agency, the statement was made following a ministerial meeting of the International Energy Forum and the World Petroleum Congress. OPEC+ highlighted that the increasing transportation costs are placing a significant burden on both producing and consuming nations, thereby negatively impacting global economic growth.

The statement also emphasized that disruptions to energy flows and rising transportation costs are contributing to inflationary pressures on the global economy. OPEC+ stressed the urgent need to protect international maritime routes to ensure the uninterrupted flow of energy.

OPEC+ reiterated its commitment to the decisions made on June 7, 2026, which aim to achieve and maintain stability in the oil market. The group plans to continue monitoring developments and coordinating with governments and international organizations to improve global shipping conditions.

This caution comes as oil prices remain high, following additional voluntary adjustments announced by OPEC+ in April and November 2023.