The technical meeting of OPEC, IEA, and IEF was held to discuss maritime energy flows and the related challenges. This meeting was formed following the request of the Consultative Meeting of the Declaration of Cooperation (DoC) held on October 12, 2026, in Riyadh. The ministers emphasized the critical importance of ensuring uninterrupted energy flows and expressed their concerns regarding high transportation and insurance costs.
Challenges of Maritime Energy Flows
This technical workshop continues the trilateral work program of OPEC, IEA, and IEF and their shared concerns, which were also mentioned in the final statement of the IEF17 ministers, including the protection of energy infrastructure and trade routes. In this online meeting, Haitham Al-Ghais, Secretary General of OPEC, Dr. Fatih Birol, Executive Director of IEA, and Engineer Jassim Al-Sherawi, Secretary General of IEF led the session.
The Importance of Maintaining Maritime Energy Security
Haitham Al-Ghais emphasized the importance of this meeting, stating: "Participants in the DoC are fully committed to supporting the stability of global energy markets. In this regard, our discussions to identify possible solutions to the existing challenges related to maritime trade will be essential." He also noted that maritime energy flows are one of the main pillars of global energy security, and transportation and insurance costs in 2026 have risen to more than one-third of the base value of crude oil. These high transportation and risk costs have been transferred to all oil and energy value chains, exerting further inflationary pressures on the global economy.
Dr. Fatih Birol also stated: "Energy markets are facing unprecedented crises that impact the production and transportation of oil and gas, which the global economy depends on. While producers have tried to maintain supply under very difficult conditions, we must strive to preserve the freedom of maritime navigation, which is one of the pillars of global energy security."
Engineer Jassim Al-Sherawi also emphasized the importance of secure maritime passage for energy security and market stability, stating: "Any disruption can increase energy, food, and transportation costs beyond the affected area." This collaboration can enhance dialogue and data transparency and help rebuild trust and support investment in global energy markets.
