OPEC: Soaring crude oil shipping and insurance costs intensify global inflationary pressure

The Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham Al Ghais, said on November 4 that since 2026, international energy transportation and insurance costs have risen sharply and now exceed one-third of the value of crude oil itself. Rising transportation and risk costs are being transmitted along the oil and energy industry chain, increasing the economic burden on oil-producing and consuming countries and further intensifying global inflationary pressure. OPEC's latest report released on November 4 shows that since 2026, crude oil shipping and insurance costs have risen sharply, with transportation costs on some routes increasing by about 12 times compared with the beginning of the year, pushing up global commodity prices and inflationary pressure.