Novak spoke about rising prices for energy transportation
Quick Look
- Deputy Prime Minister of the Russian Federation Alexander Novak said that the increase in prices for the transportation of energy resources ranged from 5 to 10 times in various directions due to an increase in freight, insurance, a lack of vehicles and attacks on civilian ships.
- He noted that the energy and oil ministers of OPEC+ countries discussed this situation at a meeting in Riyadh.
AI-generated summary
Why It Matters
The rise in prices for the transportation of energy resources is associated with an increase in freight and insurance rates, as well as a shortage of vehicles and threats to the safety of civil ships in the world.
The increase in prices for transportation of energy resources ranged from 5 to 10 times in different directions, said Alexander Novak.
The rise in oil prices is due to rising freight, insurance and global risks, including shortages of transportation and attacks on civilian ships.
MOSCOW, October 12 - RIA Novosti. The increase in prices for the transportation of energy resources ranged from 5 to 10 times in various directions, mainly due to freight and insurance, global risks, a lack of vehicles and attacks on civilian ships are also taken into account, said Russian Deputy Prime Minister Alexander Novak.
Earlier, the energy and oil ministers of OPEC+ member countries held a meeting in Riyadh as part of the World Petroleum Council (WPC) congress.
“We discussed in great detail (with the ministers - ed.) the situation related to the rise in prices for transportation (energy resources - ed.) in the world, for freight, for insurance, which have increased in certain areas from five to ten times,” he said in an interview with Vesti.
According to Novak, the ministers noted that the increase in oil prices was mainly due to increased freight and rising costs of transportation and insurance.
What to Watch
AI outlook — possibilities, not facts
Energy shipping prices will remain elevated in the coming months due to ongoing ship shortages and geopolitical risks.
Likely · Within months
Open Questions
- How long will the increase in freight rates last?
- What measures do energy consuming countries plan to take to mitigate the effects of rising prices?
- Is there a coordinated response from international organizations to rising costs in energy logistics?
