MOSCOW, October 12. /TASS/. Rising costs for oil transportation and vessel freight have accounted for the majority of the increase in oil prices, Russian Deputy Prime Minister Alexander Novak said in an interview with the Vesti news program.

According to Novak, during a meeting in Riyadh, OPEC and OPEC+ ministers discussed the global surge in transport, freight, and insurance costs, which have increased five-to tenfold on certain routes. "Today, ministers noted that the rise in freight, transport, and insurance costs accounted for the bulk of this price increase [for oil]," he said.

"Clearly, this reflects current global risks, a shortage of vessels, the closure of the Strait of Hormuz, and military risks. We are also seeing attacks on civilian vessels transporting oil or petroleum products in various parts of the world. This, too, contributes to rising shipping costs," he added.

Novak noted that during the meeting, OPEC and OPEC+ ministers expressed concern over the situation, agreeing to monitor it jointly and work with international organizations to stabilize the market. "We also agreed to continue our meetings in order to discuss such issues by consensus and make joint decisions aimed at balancing the market," he emphasized.