International News Briefs

OPEC stated that rising crude oil transport and insurance costs were increasing the burden on producing and consuming countries and adding inflationary pressure to the global economy.

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.

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.

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.

Preliminary data released by Eurostat on November 4 showed annual euro area inflation rose to 4.0% in October, a three-year high. Energy prices rose 20.8% year on year and were the main driver; annual price increases for services, non-energy industrial goods and other categories also widened.

Preliminary data released by Eurostat on November 4 show that the eurozone's annual inflation rate rose to 4.0% in October, the highest in three years. Energy prices rose 20.8% year on year, the main driver of inflation; year-on-year price increases for services, non-energy industrial goods, and other categories also widened.