Amid the Iran conflict and the crisis surrounding the Strait of Hormuz, Rosneft CEO Igor Sechin has accused the United States of benefiting the most from the turmoil. He claimed that Washington is trying to reshape the global energy market in a way that serves American interests. Speaking at the St. Petersburg International Economic Forum, Sechin said the impact of the Hormuz Strait crisis extended far beyond Iran and affected the entire global economy.
Impact of the Hormuz Strait Crisis
According to Sechin, the risks associated with the crisis were not properly assessed, leading to significant consequences for global markets. The Strait of Hormuz is one of the world’s most important shipping routes. Nearly 20 percent of global oil supplies pass through this narrow waterway. It is also a key route for transporting fertilizers and other essential goods.
Tensions between Iran and the US-Israel alliance created uncertainty around the route, pushing international oil prices to some of their highest levels in years.
US Energy Companies Gained the Most, Says Sechin
Sechin argued that American energy companies benefited the most from the situation. He said higher oil prices and supply concerns gave US producers a competitive advantage and allowed them to earn larger profits from energy exports. According to him, the pressure on Iran had wider consequences that affected countries around the world.
Warning Over Other Global Trade Routes
The Rosneft chief warned that if geopolitical tensions continue, other major maritime routes could also face disruptions. He specifically mentioned the Strait of Malacca, Bab-el-Mandeb, and Strait of Gibraltar. Any disruption in these waterways, he said, could create fresh challenges for global trade and energy supplies.
Concerns Over OPEC+ Unity
Sechin also expressed concern about the future of the OPEC+ alliance. He said the group’s influence has weakened following the departure of countries such as Qatar and concerns over the role of the United Arab Emirates within the alliance.
Oil Production Has Fallen, Says Rosneft Chief
According to Sechin, the combined oil production of OPEC+ countries has fallen from around 58 million barrels per day to about 37 million barrels per day over the past decade. He noted that while several member countries increased production after the 2016 agreement, Russia’s output declined by nearly 15 percent during the same period.
Russia Needs Major Investment in Oil Sector
Speaking about Russia’s energy industry, Sechin said the country would need at least 10 trillion rubles in investment to offset declining production levels. He also expressed hope that investment cooperation between Russia and OPEC+ member countries would continue to grow in the coming years.
First published on: Jun 06, 2026 04:57 PM IST
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