The closure of the Strait of Hormuz has delivered significant advantages to American energy companies while reshaping global energy markets, Rosneft Chief Executive Igor Sechin said Saturday as the fallout from the Middle East conflict continued to reverberate across the oil industry.
Speaking at the St. Petersburg International Economic Forum, Sechin said US energy firms had emerged as the primary beneficiaries of the disruption to one of the world's most important maritime trade routes. He argued that Washington was attempting to alter the structure of global energy markets in a way that favored US interests, according to Reuters.
The Strait of Hormuz, a narrow waterway connecting the Persian Gulf to global shipping lanes, has remained at the center of the conflict that erupted after US and Israeli strikes against Iran in February. Iran subsequently moved to block the strait, while the United States imposed restrictions on Iranian ports. About one-fifth of the world's oil supply typically passes through the route, making it one of the most strategically important energy corridors in the world.
The disruption has sent oil prices to multi-year highs and added pressure to the global economy. Sechin said the closure had fueled inflation and weakened economic growth while creating opportunities for producers outside the Gulf region. His comments came as governments and energy companies continued to assess the broader consequences of the shipping crisis.
Sechin also warned that other critical maritime chokepoints could face similar risks. During his address, he identified the Strait of Malacca, the Bab el-Mandeb Strait and the Strait of Gibraltar as routes that have become increasingly important to global trade and energy flows, Reuters reported.
The remarks were delivered against the backdrop of continued military tensions in the Gulf. Earlier this week, US and Iranian forces exchanged fresh strikes despite a ceasefire that has been under strain since April. The latest incidents included Iranian missile launches toward US facilities in Kuwait and Bahrain and American strikes on Iranian radar installations after US forces intercepted drones near the Strait of Hormuz, according to BBC News.
Energy markets have remained sensitive to developments in the region. US Energy Secretary Chris Wright said this week that companies participating in loans from the Strategic Petroleum Reserve would return an additional 40 million barrels of crude oil once the conflict ends. The Department of Energy has coordinated emergency crude releases as part of broader efforts involving the International Energy Agency to offset supply disruptions linked to the Gulf conflict, Reuters reported.
Sechin has repeatedly highlighted concerns about the impact of the crisis on global supply. Speaking at the forum on Friday, he said no country, including the United States, could quickly replace a major loss of Middle Eastern oil production if disruptions deepen. He warned that the market would struggle to compensate for large-scale supply interruptions.
The Rosneft chief also addressed changes within the OPEC+ alliance. He noted that the United Arab Emirates recently left the producer group, following earlier departures by Qatar and other members. According to Sechin, OPEC+ production has fallen from roughly 58 million barrels per day to 37 million barrels per day over the past decade, a development he described as evidence of the alliance's declining influence.
Rosneft, Russia's largest oil producer, has benefited from higher global crude prices in recent months. The company reported a sharp increase in first-quarter earnings earlier this month, supported by stronger oil prices and favorable currency movements. At the same time, Rosneft warned that ongoing Ukrainian drone attacks against Russian energy infrastructure could affect future operations and profitability.
Russia's government has also acknowledged the financial impact of higher oil prices. Finance Minister Anton Siluanov said this week that elevated crude prices linked to the Strait of Hormuz disruption could generate substantial additional revenue for the Russian budget, according to Anadolu Agency.
