𝗦𝘁𝗿𝗮𝗶𝘁 𝗼𝗳 𝗛𝗼𝗿𝗺𝘂𝘇 𝗗𝗶𝘀𝗿𝘂𝗽𝘁𝗶𝗼𝗻 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝗲𝗱 𝗨𝗦 𝗘𝗻𝗲𝗿𝗴𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀, 𝗦𝗮𝘆𝘀 𝗥𝗼𝘀𝗻𝗲𝗳𝘁 𝗖𝗵𝗶𝗲𝗳
Rosneft chief executive Igor Sechin spoke at the St. Petersburg International Economic Forum on Saturday. He said American energy companies gained the most from the closure of the Strait of Hormuz.
- Sechin said US companies gained non-competitive advantages and secured high-cost supplies
- He called the closure an attempt to reshape global energy market rules to benefit the United States
- He said measures against Iran backfired on the entire world and strategic risks were underestimated
- Iran blockaded the Strait after US and Israeli attacks in February and the United States imposed a blockade on Iranian ports
Sechin warned prolonged tension in the Strait undermines long-term oil demand. He said it would trigger renewed interest in alternative energy.
- Sechin projected crude prices would stay near $95 to $96 per barrel by year-end
- He said prices would drop to $80 to $85 per barrel within one year
- He said prices would return to broader market fundamentals by the second half of 2027
- He said China appeared better prepared than most countries because of well-planned state policy
- He warned other maritime chokepoints face disruption risks, including the Malacca, Bab el-Mandeb, and Gibraltar straits
Sechin said the world faces mounting challenges. These include militarisation, financial market risks, and shortages of electricity, food, copper, other metals, and water.
- Sechin said OPEC+ lost part of its potential after the United Arab Emirates and Qatar exited
- He said the alliance's production declined from 58 million barrels per day to 37 million barrels per day over the past decade
- He said Russia's oil output fell by 1.5 million barrels per day since the 2016 agreement
- He said Russia needs investments of at least 10 trillion rubles to offset the 15% decline
- He added Russia expects greater investment cooperation with OPEC+ member states in the future