OPEC+: Protecting International Sea Lanes Essential to Ensure Continued Energy Supply Flows
OPEC+ ministers stressed the importance of protecting sea lanes to avoid rising shipping and insurance costs and their impact on the global economy.
Translated by Qiyas from السياسة — Original source
Ministers from 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, ensuring the uninterrupted flow of energy supplies.
This was stated in a press release issued by OPEC on Tuesday, following a meeting held by OPEC+ ministers on Monday, on the sidelines of the 17th Ministerial Meeting of the International Energy Forum and the 25th World Energy Congress of the World Energy Council, 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 the OPEC and non-OPEC ministerial meetings (ONOMM).
They reaffirmed their commitment to the decisions made on June 7, 2026, during the 41st OPEC+ Ministerial Meeting, aimed at stabilizing the oil market, highlighting the critical importance of protecting international sea lanes to ensure the continuous flow of energy supplies without interruption.
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, which hinders the timely and efficient transport of crude oil and its products, while increasing inflationary pressures on the global economy.
The ministers further confirmed that these exceptionally high costs ultimately ripple through various stages of the oil value chain, increasing and prolonging the financial burden on both producing and consuming countries, as well as impacting 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.
