RiyadhOil ministers say shipping and insurance exceed a third of crude’s value.
Ministers say the burden falls on producers and importers alike and feeds global inflation.
They blame interrupted energy flows and say the costs ripple through the whole oil value chain.
The ministers announced no measures, only monitoring and talks with governments, industry and the International Energy Agency.
How each outlet framed it
- Reuters
- TASS
- quotes the full OPEC statement on the 'unprecedented' shipping costs and translates it into price-of-oil terms for consumers