Disruptions to international energy flows have pushed shipping and insurance costs to unprecedented levels of more than one-third of commodity value, impeding the movement of crude oil and petroleum products and adding inflationary pressure, OPEC+ ministers said following an Oct. 12 meeting in Riyadh.

The ministers met on the sidelines of the 17th International Energy Forum (IEF) ministerial meeting and the 25th WPC Energy Congress to review market conditions.

They stressed the need to safeguard international maritime routes. Elevated transportation and insurance costs are being passed through the oil value chain, prolonging the financial burden on producing and consuming countries and weighing on global economic growth, they said.

The statement, as reported, did not identify the routes or commodities behind the cost estimate or explain how it was calculated. Separately, Russian Deputy Prime Minister Alexander Novak said costs had risen five- to tenfold on some routes, citing vessel shortages, military risks, and the closure of the Strait of Hormuz.

Ministers reaffirmed their commitment to decisions adopted at the June 7, 2026, OPEC and non-OPEC ministerial meeting. The group said consultations with all OPEC+ countries would continue through existing mechanisms, including the Joint Ministerial Monitoring Committee and ministerial meetings.

Ministers also said they would monitor the situation and work with governments, industry stakeholders, and international organizations, including the IEF and International Energy Agency (IEA), to improve global shipping conditions.