OPEC: Shipping Costs Hit New Highs

OPEC stated that the costs of shipping and insuring oil have risen to unprecedented levels, surpassing one-third of the value of the transported commodity. This has hindered the flow of crude oil and its derivatives and increased inflationary pressures on the global economy. The participating ministers also emphasized the importance of protecting international maritime corridors and highlighted that the rising costs burden both producing and consuming countries, prolonging the duration of crises. They continue to monitor the situation and maintain communication with relevant parties to improve global shipping conditions.

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