Published on: 2026-10-12
Source: Government of the Russian Federation –
An important disclaimer is at the bottom of this article.
Deputy Prime Minister Alexander Novak participated via videoconference in the meeting of ministers from OPEC countries and non-OPEC countries participating in the Declaration of Cooperation, held in Riyadh on the sidelines of the 17th ministerial meeting of the International Energy Forum (IEF) and the 25th World Petroleum Congress.
The participants of the meeting reviewed the market situation and agreed to continue consultations with all OPEC+ countries within the existing mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and the Ministerial Meeting of OPEC and non-OPEC countries. Furthermore, the participants reaffirmed their commitment to the decisions adopted on June 7, 2026, at the 41st Ministerial Meeting of OPEC and non-OPEC countries, aimed at achieving and maintaining stability in the oil market.
The speakers emphasized the exceptional importance of ensuring the security of international maritime routes for the uninterrupted supply of energy resources, and also noted that current supply disruptions have led to an increase in freight and insurance costs to an unprecedented level—more than one-third of the cost of the cargo itself. This complicates the timely and efficient transportation of oil and petroleum products and creates additional inflationary pressure on the global economy.
Meeting participants pointed out that such high costs ultimately spread throughout the entire value chain in the oil industry, increasing and prolonging the burden on both producing and consuming countries, as well as impacting the growth rates of the global economy. In this regard, monitoring of the situation and interaction with governments, industry representatives, and international organizations such as the IMF, IEA, and others will continue, with the aim of improving maritime transportation conditions worldwide.
Please note; This information is raw content received directly from the information source. It represents an accurate account of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.