ChinaIn a report released on November 4, OPEC said crude oil shipping and insurance costs had risen sharply since the start of 2026. Transport costs on some routes had increased by more than ten times compared with the beginning of the year, and insurance costs by more than 200 times. Their combined share of total crude oil costs rose from about 5% at the start of the year to an average of 30% at the end of October.
Broadcast 5 November 2026 · Event date 4 November 2026
View evidence
In a report released on November 4, OPEC said crude oil shipping and insurance costs had risen sharply since the start of 2026. Transport costs on some routes had increased by more than ten times compared with the beginning of the year, and insurance costs by more than 200 times. Their combined share of total crude oil costs rose from about 5% at the start of the year to an average of 30% at the end of October.
Translated paragraph context
The latest report released on November 4 by the Organization of the Petroleum Exporting Countries (OPEC) shows that maritime crude oil freight charges and insurance costs have risen sharply since the beginning of 2026. Transportation costs on some routes have increased by more than 10 times compared with the beginning of the year, while insurance costs have increased by more than 200 times. The share of transportation and insurance costs in total crude oil costs rose from approximately 5% at the beginning of the year to an average of 30% at the end of October. OPEC noted that this situation is increasing the burden on oil-producing and consuming countries and placing additional inflationary pressure on the global economy.Original Chinese quote
石油输出国组织（欧佩克）4日发布的最新报告显示，2026年以来，原油海运费用及保险成本大幅上涨，部分航线运输成本较年初增加了10倍以上，保险费用涨幅超过200倍。运输和保险成本在原油总成本中的占比从年初的约5%升至10月底的平均30%。