Shipping costs reach one third of crude oil value, energy ministers say
Investing.com -- Energy ministers from OPEC and non-OPEC countries participating in the Declaration of Cooperation said shipping and insurance costs have climbed to more than one third of oil's commodity value, creating obstacles for crude oil and product transportation.
The ministers met on the sidelines of the International Energy Forum ministerial meeting and the World Petroleum Congress in Riyadh. They said disruptions to energy supply have added to inflationary pressures on the global economy.
The ministers emphasized the need to protect international maritime routes, according to a statement on OPEC's website. They said the high costs are extending the financial strain on both producing and consuming countries while affecting global economic growth.
The ministers said they will continue to track the situation and work with governments, industry participants and international organizations to enhance global shipping conditions.