Sechin Says U.S. Energy Firms Are the Real Winners From Hormuz Closure

CNBC reported Saturday that Rosneft Chief Executive Igor Sechin accused Washington of engineering a reshaping of global energy markets through the Strait of Hormuz closure. Sechin delivered his remarks at the St. Petersburg International Economic Forum.

Sechin Points Finger at American Energy Interests

Sechin argued that the Strait of Hormuz closure primarily served U.S. energy companies. He said those firms gained what he called non-competitive advantages and secured access to high-cost supply deals. Sechin framed the blockade as a deliberate policy tool. He said Washington’s goal was to redraw the fundamental structure of global energy regulation in America’s favor. The strategic risks of such action, he added, were badly miscalculated from the outset.

Background: How the Strait Was Shut

Iran blockaded the Strait of Hormuz earlier this year following a U.S. and Israeli strike that killed Supreme Leader Ayatollah Ali Khamenei in February. The strait ordinarily handles roughly one-fifth of global oil supply. It also carries significant volumes of other commodities, including fertilisers. The United States subsequently blockaded Iranian ports. Together, the twin disruptions rattled commodity and equity markets worldwide, pushing oil to multi-year highs and fanning inflationary pressure across major economies.

Also Read: Oil Prices Hold Near Multi-Year Highs as Middle East Tensions Persist

Sechin Questions OPEC+ Relevance

Sechin, a long-standing Kremlin ally known for his skepticism toward Russia’s OPEC+ commitments, also argued the alliance has lost meaningful influence. He pointed to the United Arab Emirates’ departure from the group, alongside earlier exits by Qatar and others. He said combined OPEC+ production has dropped from around 58 million barrels per day a decade ago to roughly 37 million barrels today. Russia itself has seen output fall by approximately 1.5 million barrels per day. Sechin estimated that reversing that decline would require domestic investment of at least ten trillion rubles.

Also Read: UAE Withdrawal Puts Fresh Strain on OPEC+ Cohesion

Further Disruptions Could Be Coming

Sechin extended his warning beyond the Persian Gulf. He said other critical maritime chokepoints, including the Strait of Malacca, the Bab-el-Mandeb and the Strait of Gibraltar, now face elevated disruption risk as geopolitical tensions remain unresolved. Any closure of those corridors would compound the supply-chain and inflationary pressures already rippling through global markets.

Read Next: Iran Sanctions Tighten as U.S. Maintains Port Blockade