IEA, IEF, and OPEC convene industry experts for crucial dialogue on maritime energy flows

The International Energy Agency (IEA), the International Energy Forum (IEF), and the Organization of the Petroleum Exporting Countries (OPEC) recently brought together leading industry experts to address maritime energy flows, shipping, and insurance costs at a joint technical workshop. The event was organized in response to a previous ministerial consultation meeting held in Riyadh on October 12, 2026, during the IEF17.

During the meeting, ministers emphasized the significance of uninterrupted energy flows and expressed concern over the rising shipping and insurance expenses. They also expressed their desire to maintain collaboration with the IEF, IEA, and other international partners in tackling these issues. The technical workshop builds upon the IEA-IEF-OPEC trilateral program of work and their shared focus on protecting energy infrastructure and trade routes.

OPEC Secretary General, HE Haitham Al Ghais, highlighted the commitment of the DoC members to support global energy market stability. He noted that shipping and insurance costs in 2026 have surged to more than one-third of the value of crude oil, placing additional strain on producers and consumers, and contributing to inflationary pressures worldwide.

IEA Executive Director, HE Dr. Fatih Birol, stressed the urgency of safeguarding freedom of maritime navigation, which is crucial for global energy security. He emphasized the necessity of finding durable solutions to the challenges faced by the energy sector. IEF Secretary General, HE Eng. Jassim Alshirawi, echoed the importance of maintaining safe maritime passage for energy security and market stability, emphasizing the potential for disruptions to raise costs beyond the affected region and disproportionately impact vulnerable communities.