04 November 2026 – The International Energy Agency (IEA), the International Energy Forum (IEF), and the Organization of the Petroleum Exporting Countries (OPEC) today convened key stakeholders and leading industry experts to discuss maritime energy flows, shipping and insurance in a ‘Joint IEA-IEF-OPEC Technical Workshop on the Security of Energy Flows: Maritime Routes and Market Stability’.
The technical workshop comes at the request of the consultation meeting of ministers of the Declaration of Cooperation (DoC) which was held in Riyadh on 12 October 2026, following the IEF17. At that meeting, ministers underlined the critical importance of ensuring uninterrupted flows of energy, expressed concern about elevated shipping and insurance costs, and noted their wish to continue engaging with the IEF, the IEA and other international partners on these issues.
The technical workshop builds on the IEA-IEF-OPEC trilateral programme of work and their shared concerns such as reflected in the IEF 17 Ministerial Concluding Statement, including the protection of energy infrastructure and trade routes.
Today’s online meeting was convened under the leadership of OPEC Secretary General, HE Haitham Al Ghais, IEA Executive Director, HE Dr. Fatih Birol and IEF Secretary General, HE Eng. Jassim Alshirawi.
In highlighting the importance of the meeting, HE Al Ghais said: “Participants in the DoC remain fully committed to supporting the stability of global energy markets. In this regard, our discussions will be vital to help identify possible solutions to the challenges facing both producers and consumers in relation to current maritime trade.“
HE Al Ghais also stressed that maritime energy flows remain a core pillar of global energy security and noted that shipping and insurance costs in 2026 have increased significantly to a level of more than one-third of the underlying value of crude oil. Furthermore, the elevated transportation and risk expenses have been passed along the entire oil and energy value chains, straining both producing and consuming economies, and placing additional inflationary pressures on the global economy.
HE Birol said “Energy markets are facing a crisis of unprecedented proportions, affecting the production and transportation of the oil and gas on which the global economy relies. While producers have worked hard to maintain supply, under extremely difficult circumstances, we must all work to safeguard freedom of maritime navigation, a central pillar of global energy security. That is why we are here today, together with our colleagues from OPEC and the IEF, to help find durable solutions to these challenges.”
HE Alshirawi said “Safe maritime passage is essential to energy security and market stability for producers, consumers and transit countries alike. Disruption can raise energy, food and transport costs far beyond the region affected, with the greatest hardship falling on vulnerable communities. Building on IEF17, our cooperation with the IEA and OPEC can strengthen the dialogue and data transparency needed to restore confidence, support investment and build more resilient global energy markets.”
Today’s workshop underscores the flexibility of the joint programme of work agreed upon by the IEA, the IEF and OPEC and endorsed by energy ministers at the 12th International Energy Forum, held in Cancún, Mexico in March 2010, as part of the ‘Cancún Declaration’.