Energy ministers representing OPEC and non-OPEC countries, part of the Declaration of Cooperation, stated that shipping and insurance costs for energy supplies had surged to unprecedented levels, exceeding one-third of the value of the commodities.
In a statement issued on Oct. 12 following the ministerial meeting of the International Energy Forum (IEF) and the World Petroleum Congress (WPC) in Riyadh, the ministers said that disruptions to energy supplies were exacerbating inflationary pressures worldwide.
They warned that high transportation and insurance costs were increasing the burden on both energy-producing and consuming countries, prolonging the impact of supply disruptions and weighing on global economic growth.
The statement also underscored the importance of safeguarding international maritime routes.
The ministers reaffirmed their commitment to monitoring developments and engaging with governments, energy industry representatives, and international organizations to improve global shipping conditions.
Energy ministers representing OPEC and non-OPEC countries, part of the Declaration of Cooperation, stated that shipping and insurance costs for energy supplies had surged to unprecedented levels, exceeding one-third of the value of the commodities.
In a statement issued on Oct. 12 following the ministerial meeting of the International Energy Forum (IEF) and the World Petroleum Congress (WPC) in Riyadh, the ministers said that disruptions to energy supplies were exacerbating inflationary pressures worldwide.
They warned that high transportation and insurance costs were increasing the burden on both energy-producing and consuming countries, prolonging the impact of supply disruptions and weighing on global economic growth.
The statement also underscored the importance of safeguarding international maritime routes.
The ministers reaffirmed their commitment to monitoring developments and engaging with governments, energy industry representatives, and international organizations to improve global shipping conditions.
