OPEC: Surge in Crude Oil Transportation and Insurance Costs Intensifies Global Inflation Pressure

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, stated on November 4 that since 2026, international energy transportation and insurance costs have risen sharply, now accounting for more than one-third of the value of crude oil itself. The increase in transportation and risk costs is spreading along the oil and energy industry chain, intensifying the economic burden on both producing and consuming countries, and further exacerbating global inflationary pressures. The latest report released by OPEC on the 4th indicates that, since 2026, shipping and insurance costs for crude oil have surged dramatically, with transportation costs on some routes increasing by about 12 times compared to the beginning of the year, pushing up global commodity prices and inflationary pressures. (CCTV News)