Riyadh:Energy and oil ministers from OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC) convened during the 17th IEF ministerial meeting and the 25th WPC Energy Congress in Riyadh on October 12, 2026.
According to Saudi Press Agency, the ministers assessed market conditions and reaffirmed their commitment to previous decisions made on June 7, 2026, during the 41st ONOMM, aiming to achieve and maintain a stable oil market. They pledged to continue consultations with OPEC plus countries through established mechanisms like the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and Non-OPEC Ministerial Meetings (ONOMM).
The ministers highlighted the importance of protecting international maritime routes to ensure a steady energy flow. They pointed out that current disruptions have significantly increased shipping and insurance costs, now exceeding one-third of the commodity's value. This rise in costs is causing delays in crude oil and product shipments and adding inflationary pressure to the global economy.
They emphasized that these high costs are affecting the entire oil value chain, increasing the financial burden on both producing and consuming nations, and negatively impacting global economic growth.
The ministers committed to ongoing monitoring of the situation and plan to collaborate with governments, industry stakeholders, and international organizations such as the IEF and IEA to enhance global shipping conditions.