Ministers of OPEC and non-OPEC Participating Countries in the Declaration of Cooperation said shipping and insurance costs have surged to unprecedented levels of over one third of the commodity value, impeding efficient movement of crude oil and products.
The ministers, meeting on the sidelines of the International Energy Forum ministerial meeting and the World Petroleum Congress in Riyadh, said interruptions to energy further added to inflationary pressures on the global economy.
According to a release on OPEC's website, the ministers underlined the importance of safeguarding the international maritime routes, and stressed that the elevated costs are increasing and prolonging the burden on both producing and consuming countries and weighing on global economic growth.
They added that they will continue monitoring the situation, engage with governments, industry stakeholders and international organisations to improve global shipping conditions.
(Reporting by Anjana Anil in Bengaluru Editing by Nick Zieminski)
