EconomyRising transport and freight costs account for most of oil price increase, Novak says
Russian Deputy Prime Minister Alexander Novak said higher oil transport, vessel freight and insurance costs accounted for most of the oil price increase. He said OPEC and OPEC+ ministers discussed the surge at a meeting in Riyadh, noting that costs on some routes had risen five- to tenfold, and agreed to monitor the situation and work with international organizations to stabilize the market.
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TASS★★★★☆2026-10-12 19:32Original
Rising transport and freight costs account for most of oil price increase, Novak says