OPEC Plus: Surge in Shipping Costs and Insurance
The countries of the OPEC+ coalition warned that shipping and insurance costs for oil tankers have reached unprecedented levels, with expenses exceeding one-third of the value of shipments. This situation increases the burdens on producing and consuming countries and negatively impacts global economic growth. The organization emphasized the importance of protecting international maritime routes to ensure the continued flow of energy supplies. It also reaffirmed its commitment to maintaining market stability, closely monitoring developments, and coordinating with governments and international organizations to improve shipping conditions. This comes at a time when oil prices remain high, and OPEC+ countries have announced additional voluntary adjustments to oil production.
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