Ministers from OPEC and non-OPEC oil-producing countries met in Riyadh, Saudi Arabia, and reaffirmed their commitment to maintaining oil market stability through a joint mechanism, according to ChainCatcher. OPEC+ said disruptions to energy transportation have pushed shipping and insurance costs to more than one-third of the value of the commodities being moved. The group said that situation is obstructing the transport of crude oil and refined petroleum products while adding inflationary pressure to the global economy. The countries said they will keep monitoring developments and work with international organizations to improve shipping conditions. The brief statement centered on transport bottlenecks and their effect on energy trade flows, costs, and broader inflation pressure.
Ministers from OPEC and non-OPEC oil-producing countries met in Riyadh, Saudi Arabia, and reaffirmed their commitment to maintaining oil market stability through a joint mechanism, according to ChainCatcher.
OPEC+ said disruptions to energy transportation have driven shipping and insurance costs to more than one-third of the value of the commodities, obstructing the transport of crude oil and refined products. It also said the disruption is adding inflationary pressure to the global economy.
The countries said they will continue to monitor the situation and cooperate with international organizations to improve shipping conditions.
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