OPEC+ Highlights Maritime Corridor Security

OPEC ministers and other participating countries in the Declaration of Cooperation reaffirmed the importance of protecting international maritime corridors to ensure the steady flow of energy supplies. This was stated during a meeting in Riyadh on the sidelines of the International Energy Forum. The ministers emphasized the need to maintain the safety of these routes, especially in light of current disruptions that have led to unprecedented increases in shipping and insurance costs, exceeding a third of the value of the commodity. This puts additional inflationary pressures and negatively impacts the global economy. They also stressed the ongoing consultation with member countries and international organizations to improve shipping conditions and promote stability in oil markets.

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