The International Energy Agency (IEA), International Energy Forum (IEF) and Organisation of the Petroleum Exporting Countries (OPEC) have convened a technical workshop to address challenges affecting maritime energy flows, shipping and insurance costs, and global market stability.

The online meeting, titled the ‘Joint IEA-IEF-OPEC Technical Workshop on the Security of Energy Flows: Maritime Routes and Market Stability’, brought together key stakeholders and industry experts under the leadership of OPEC Secretary General Haitham Al Ghais, IEA Executive Director Dr Fatih Birol and IEF Secretary General Jassim Alshirawi.

The workshop follows a request from ministers attending the Declaration of Cooperation (DoC) consultation meeting in Riyadh on 12 October 2026, after IEF17. Ministers highlighted the importance of maintaining uninterrupted energy flows, expressed concern over rising shipping and insurance costs and called for continued engagement with international partners to address these challenges.

The discussions build on the trilateral cooperation programme between the three organisations and shared priorities outlined in the IEF17 Ministerial Concluding Statement, particularly the protection of energy infrastructure and international trade routes.

Al Ghais said: “Participants in the DoC remain fully committed to supporting the stability of global energy markets. In this regard, our discussions will be vital to help identify possible solutions to the challenges facing both producers and consumers in relation to current maritime trade.“

He also highlighted the growing financial burden of maritime transportation, noting that shipping and insurance costs in 2026 had increased to more than one-third of the underlying value of crude oil.

According to Al Ghais, higher transportation and risk expenses have affected the entire oil and energy value chains, placing additional pressure on producing and consuming economies and contributing to global inflationary pressures.

Birol said: “Energy markets are facing a crisis of unprecedented proportions, affecting the production and transportation of the oil and gas on which the global economy relies. While producers have worked hard to maintain supply, under extremely difficult circumstances, we must all work to safeguard freedom of maritime navigation, a central pillar of global energy security. That is why we are here today, together with our colleagues from OPEC and the IEF, to help find durable solutions to these challenges.”

Alshirawi said: “Safe maritime passage is essential to energy security and market stability for producers, consumers and transit countries alike. Disruption can raise energy, food and transport costs far beyond the region affected, with the greatest hardship falling on vulnerable communities. Building on IEF17, our cooperation with the IEA and OPEC can strengthen the dialogue and data transparency needed to restore confidence, support investment and build more resilient global energy markets.”

The workshop underscores the three organisations’ commitment to strengthening international cooperation, improving market transparency and supporting secure and reliable energy trade amid growing challenges to maritime transportation and global supply chains. -OGN/TradeArabia News Service