Ministers from OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC) have reaffirmed their commitment to maintaining a stable oil market and highlighted the need to safeguard international maritime routes for uninterrupted energy supplies.

The ministers met in Riyadh on October 12, 2026, on the sidelines of the 17th International Energy Forum (IEF) ministerial meeting and the 25th WPC Energy Congress.

They reviewed market conditions and agreed to continue consultations among OPEC+ countries through established mechanisms, including the Joint Ministerial Monitoring Committee (JMMC) and OPEC and Non-OPEC Ministerial Meetings (ONOMM).

They also reaffirmed their commitment to decisions made at the 41st ONOMM on June 7, 2026, aimed at achieving and sustaining oil market stability.

The ministers warned that disruptions to energy flows had pushed shipping and insurance costs to unprecedented levels, exceeding one-third of commodity value.

These higher costs are hindering the timely and efficient movement of crude oil and petroleum products while adding to global inflationary pressures.

They noted that elevated costs are being passed throughout the oil value chain, increasing the financial burden on producing and consuming countries and affecting global economic growth.

The ministers said they would continue monitoring developments and engage with governments, industry stakeholders and international organisations, including the IEF and International Energy Agency (IEA), to improve global shipping conditions. -OGN/TradeArabia News Service