Ministers of the member countries of the OPEC organization, on the sidelines of the "International Energy Conference" and the "World Petroleum Congress" held in Riyadh, discussed the existing challenges in the energy supply chain. They pointed out the negative impact of rising transportation and insurance costs of energy shipments on the global oil market.
Unprecedented Transportation Costs
OPEC ministers stated in a joint statement that transportation and insurance costs of energy shipments have reached unprecedented levels. These costs have now increased to more than one-third of the value of raw materials, creating a serious obstacle to the smooth flow of crude oil and petroleum products.
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Impact on the Global Economy
The ministers also noted that disruptions in the energy supply chain have intensified inflationary pressures on the global economy, consequently harming economic growth. They emphasized the key importance of protecting international waterways and transportation routes and stated that the continued rise in costs places a heavy financial burden on both producing and consuming countries.
OPEC ministers also announced that they will closely monitor the current situation and will continue consultations and coordination with governments and energy industry stakeholders to improve global maritime transportation conditions. These statements reflect the deep concerns of countries regarding the current state of the oil market and its impact on the global economy.
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