OPEC: Oil Shipping Costs Rise Nearly 12-Fold, Insurance Expenses Surge More Than 200-Fold
The Organization of the Petroleum Exporting Countries (OPEC) has reported an unprecedented increase in crude oil shipping and insurance costs since the beginning of 2026.
According to figures released by the organization on November 4, tanker freight rates have risen sharply across all major routes, with shipping costs increasing approximately twelvefold on some routes.
OPEC cited crude oil shipments from the Middle East to East Asia as an example. At the end of January, the freight rate for large crude carriers stood at $3.18 per barrel. By the end of October, it had climbed to $37.13 per barrel.
Insurance expenses recorded an even more dramatic increase. Over the same period, the cost of insuring one barrel of crude oil rose from $0.06 to $12.29, an increase of more than 200 times.
As a result, combined freight and insurance costs on this route increased from $3.24 to $49.42 per barrel. According to OPEC, shipping and insurance expenses now account for approximately 30 percent of the total cost of crude products, compared with a normal level of around 3 percent.
The organization emphasized that exceptionally high logistics costs are being transmitted throughout the oil supply chain, increasing the financial burden on both producing and consuming countries.
OPEC also warned that rising freight and insurance expenses are adding inflationary pressure to the global economy.
As reported by SSTV+, OPEC has highlighted a sharp increase in oil transportation and insurance costs, which have reached unprecedented levels on several international shipping routes since the beginning of 2026.
