OPEC+: Protecting Chokepoints Essential for Oil Flow
OPEC+ ministers emphasize the importance of protecting maritime chokepoints to avoid rising shipping and insurance costs that impact the global economy.
Translated by Qiyas from الراي — Original source
KUNA – Ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and producing countries outside the organization participating in the OPEC+ cooperation agreement emphasized the paramount importance of protecting international sea lanes to ensure uninterrupted energy supply flows.
OPEC stated in a press release following a meeting of OPEC+ ministers held on the sidelines of the 17th International Energy Forum and the 25th World Energy Congress in the Saudi capital, Riyadh.
The ministers stressed that current disruptions in energy flows have driven shipping and insurance costs to unprecedented levels.
OPEC+ ministers also reviewed developments in the oil market situation and agreed to continue consultations with all countries participating in the OPEC+ alliance through existing mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and OPEC and non-OPEC ministerial meetings (ONOMM).
OPEC+ ministers reaffirmed their commitment to the decisions taken on June 7, 2026, during the 41st OPEC+ Ministerial Meeting, aimed at stabilizing the oil market, highlighting the critical importance of safeguarding international sea lanes to guarantee continuous energy supply flows.
They noted that current disruptions in energy flows have pushed shipping and insurance costs to unprecedented levels exceeding one-third of the value of goods, hindering the timely and efficient transport of crude oil and its derivatives, and increasing inflationary pressures on the global economy.
The ministers also stressed that these exceptionally high costs ultimately ripple through various stages of the oil value chain, increasing and prolonging financial burdens on both producing and consuming countries, while also affecting global economic growth.
The statement clarified that ministers will continue to monitor developments in the situation and engage with governments, relevant sector authorities, and international organizations, including the International Energy Forum (IEF) and the International Energy Agency (IEA), among others, with the aim of improving global maritime shipping conditions.
