Ministers of OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) met on the sidelines of the 17th IEF ministerial meeting and the 25th WPC Energy Congress in Riyadh on 12 October 2026.

The Ministers reviewed market conditions and agreed to continue consultation with all OPEC plus countries, through already established mechanisms including the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and Non-OPEC Ministerial Meetings (ONOMM) and reaffirmed their commitment to the decisions made on 7 June 2026 (41st ONOMM) to achieve and sustain a stable oil market.

In this context, the Ministers affirmed the critical importance of safeguarding the international maritime routes to ensure the uninterrupted flow of energy. They also noted that the current interruption of energy flows has elevated the cost of shipping and insurance which have reached unprecedented levels of more than one third of the commodity value, impeding the timely and efficient movement of crude oil and products, and placing additional inflationary pressures on the global economy.

The Ministers further stressed that these exceptionally elevated costs are ultimately transmitted across the oil value chain increasing and prolonging the cost burden on producing and consuming countries and impacting global economic growth. The Ministers will continue monitoring the situation, and will engage with governments, industry stakeholders, and international organizations such as the IEF, IEA, and others to improve global shipping conditions.