OPEC+ ministers met in Riyadh on Oct. 12 and said they will continue
coordinating via the Joint Ministerial Monitoring Committee (JMMC) to preserve
oil-market stability, stressing that securing international sea lanes and
continuous energy flows is vital. They warned transport disruptions have driven
shipping and insurance costs to unprecedented levels—exceeding one-third of
related cargo value—hindering timely crude and refined-fuel shipments and adding
to global inflationary pressure; high transport costs are expected to pass along
the oil supply chain, raising costs for producers and consumers and weighing on
growth. Ministers said they will keep monitoring the situation and work with
governments, industry and international bodies including the IEF and IEA to
improve global shipping conditions.
