Riyadh:Energy and oil ministers from OPEC and non-OPEC countries involved in the Declaration of Cooperation convened on the sidelines of the 17th IEF ministerial meeting and the 25th WPC Energy Congress in Riyadh on October 12, 2026.
According to Saudi Press Agency, the ministers examined current market conditions and agreed to maintain consultations with all OPEC Plus countries. This will be done through existing frameworks such as the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and Non-OPEC Ministerial Meetings (ONOMM). They reiterated their commitment to the June 7, 2026 decisions made during the 41st ONOMM, aiming to achieve and sustain a stable oil market.
The ministers emphasized the importance of protecting international maritime routes to ensure the uninterrupted flow of energy. They observed that interruptions in energy flows have increased shipping and insurance costs to unprecedented levels, surpassing one-third of the commodity's value. This situation hinders the timely and efficient movement of crude oil and products, adding inflationary pressures to the global economy.
They further noted that these elevated costs impact the entire oil value chain, ultimately increasing the financial burden on both producing and consuming countries, which affects global economic growth.
To address these challenges, the ministers will continue to monitor the situation and engage with governments, industry stakeholders, and international organizations such as the IEF and IEA to enhance global shipping conditions.
