The Russian Ministry of Finance reported that Deputy Prime Minister Alexander Novak joined an OPEC+ ministerial meeting in Riyadh, where participants reaffirmed their commitment to decisions taken on June 7, 2026, to support oil market stability. The group agreed to continue consultations through existing OPEC+ mechanisms, including the Joint Ministerial Monitoring Committee and ministerial meetings. Participants warned that disruptions to international maritime routes have pushed freight and insurance costs above one-third of cargo values, hindering oil and petroleum product transportation and adding to global inflation. They said these costs are affecting the oil industry value chain, producing and consuming countries, and global economic growth, and agreed to keep monitoring maritime transport conditions with governments, industry and international organizations.
Russian Ministry of Finance reports OPEC+ reaffirmed oil market decisions and raised maritime supply concerns
The Russian Ministry of Finance reported that OPEC+ ministers reaffirmed their June 7, 2026, oil market decisions and agreed to continue consultations through existing mechanisms. Participants warned that maritime disruptions have driven freight and insurance costs above one-third of cargo values, complicating energy transport and adding to global inflation.