Ministers from OPEC and non-OPEC countries in the Declaration of Cooperation (DoC) reviewed market conditions on Oct. 12. They agreed to continue consulting all OPEC+ countries through existing mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and non-OPEC Ministerial Meeting (ONOMM). They also reaffirmed their commitment to decisions made June 7 at the 41st ONOMM to achieve and sustain a stable oil market, according to opec.org.

The ministers stressed the importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy. They noted that the current disruption has pushed shipping and insurance costs to unprecedented levels, exceeding one-third of the commodity’s value. The higher costs are hindering the timely and efficient movement of crude oil and products and adding inflationary pressure to the global economy.

The ministers said the exceptionally high costs are ultimately passed along the oil value chain, increasing and prolonging the burden on producing and consuming countries and weighing on global economic growth. They said they will continue monitoring the situation and will work with governments, industry stakeholders and international organizations, including the IEF and the International Energy Agency, to improve global shipping conditions.