OPEC+ says shipping and insurance exceed a third of cargo value
OPEC said ministers from OPEC and partner producers met in Riyadh on 12 October alongside the International Energy Forum and World Petroleum Congress. They said disruptions to energy flows had pushed shipping and insurance above one-third of commodity value, hindering timely movement of crude and products.
OPEC said ministers from OPEC and partner producers met in Riyadh on 12 October alongside the International Energy Forum and World Petroleum Congress. They said disruptions to energy flows had pushed shipping and insurance above one-third of commodity value, hindering timely movement of crude and products.
The ministers said the costs added inflationary pressure and burdens for producers and consumers, and stressed safeguarding maritime routes. OPEC reaffirmed decisions made on 7 June 2026 and said it would continue monitoring the market. Its statement gave no route-by-route cost breakdown.
Natural Resources Minister Tim Hodgson met U.K. officials and companies during London Metal Exchange Week to discuss energy, investment and mineral supply chains.
Qatar News Agency, citing Kuwait Petroleum Corporation data, reported that Kuwaiti crude reached $108.10 per barrel in Thursday trading. That was a $4.89 increase from Wednesday’s $103.21.
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