Tuesday, 13 October 2026

Energy ministers from OPEC and non-OPEC countries in the Declaration of Cooperation said shipping and insurance costs have risen to more than one third of oil's commodity value, creating obstacles for transporting crude oil and products, according to Investing.com.

The ministers said disruptions to energy supply have added to inflationary pressures on the global economy.

They underlined the importance of safeguarding international maritime routes and stressed that the elevated costs are prolonging the burden on both producing and consuming countries and weighing on global economic growth, according to a release on OPEC's website. The ministers linked the cost increase to difficulties in transporting crude oil and products.

Ghana's energy ministry convened sector leaders and stakeholders to review its 2026 performance and set priorities for 2027, according to Ghana News Online.

Energy Minister John Abdulai Jinapor said the 2027 priorities would centre on building a reliable, affordable, sustainable and resilient energy sector capable of supporting economic growth and improving the livelihoods of Ghanaians, according to GhanaWeb.

Jinapor said accountability, efficiency, transparency and value for money must underpin the operations of agencies under the ministry, GhanaWeb reported.

Heating oil customers facing soaring bills have been promised better regulation of the sector by the government, according to the BBC.

Ministers say they will tighten rules, promote competition and give customers clearer compensation routes when things go wrong, the BBC reported.

Industry practices that set minimum order volumes at 500 litres for some customers will be reviewed, according to the BBC.

There is no sign the government will extend the regular gas and electricity tariff cap to heating oil customers in England, Scotland and Wales, nor any indication of when the stricter rules will take effect, the BBC reported.

Oil prices ticked down as Saudi oil executives moved to reassure the market after a major attack on the capital's airport, according to Semafor Net Zero.

International energy executives were largely absent from the World Petroleum Council Energy Congress in Riyadh following the Houthi attack, Semafor Net Zero reported. The congress was held in Riyadh for the first time.

The chief executives of BP, Shell and TotalEnergies withdrew from the event because of the strikes, according to Semafor Net Zero. A group of international ministers, including US Energy Secretary Chris Wright, also dropped out.

Trump announced that the US would waive sanctions on Russian diesel exports until the spring and permit 300,000 metric tons of diesel to enter the global market, according to Semafor Net Zero.

A bipartisan group of senators condemned the diesel deal, Semafor Net Zero reported.

Russia seems to have violated the energy ceasefire almost immediately, according to Semafor Net Zero.