Novak says higher shipping costs drove most of oil price rise

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  Russian Deputy Prime Minister Alexander Novak said higher transport, freight and insurance costs accounted for most of the rise in oil prices.

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  He said some routes had seen those costs rise fivefold to tenfold.

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  Novak linked the increases to global risks, vessel shortages, the closure of the Strait of Hormuz and attacks on civilian vessels carrying oil or petroleum products.

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  OPEC and OPEC+ ministers discussed the costs at a meeting in Riyadh and agreed to monitor the situation jointly.

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  They also agreed to keep meeting and work with international organizations to help stabilize the market.

Who

Russian Deputy Prime Minister Alexander Novak and OPEC and OPEC+ ministers.

What

Novak said higher transport, freight and insurance costs accounted for most of the oil price rise.

When

October 12, 2026. The date of the meeting in Riyadh is not stated.

Where

The ministers discussed the issue at a meeting in Riyadh; Novak spoke in an interview with the Vesti news program.

Why

Novak cited global risks, a shortage of vessels, the closure of the Strait of Hormuz and attacks on civilian vessels carrying oil or petroleum products.

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