# Rising transport and freight costs account for most of oil price increase, Novak says

https://mins.news/en/item/96988

- TASS, 2026-10-12 19:32 UTC
- Economy
- Original: https://tass.com/economy/2201121

> 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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