Published on: 2026-06-06
Source: Rosneft – An important disclaimer is at the bottom of this article.
The previously accumulated tensions in the Strait of Hormuz over an extended period undermine long-term demand for oil, stated Igor Sechin, the Secretary of the Commission under the President of the Russian Federation on the development strategy of the fuel and energy complex and environmental safety, speaking with a keynote report at the Energy Panel within the framework of the SPIEF-2026.
In his opinion, the main beneficiary of the Hormuz crisis has undoubtedly become American companies that have obtained non-competitive advantages and the possibility of organizing supplies at a high price. “American hydrocarbon exports are breaking all records,” Sechin noted.
According to Rystad Energy’s estimate, with oil prices around $100 per barrel, American oil and gas companies could receive more than $60 billion in additional profits this year. And additional tax revenues from the industry, according to expert estimates, could amount to around $80 billion.
“But how long will such abundance last? It is clear that the current tension in the Strait of Hormuz over a prolonged period undermines long-term demand for oil. It can also trigger another surge of interest in alternative energy,” said Igor Sechin.
In the opinion of the responsible secretary of the Presidential Commission on the Fuel and Energy Complex (FEC), sources of oil production growth in the world are limited; in recent years, the growth of production in American shale has been slowing down. “Oil production in Venezuela requires significant investment. Recently, the authorities of this country have obliged foreign companies to provide for themselves with their own generation due to a significant deficit of energy capacity in the country,” said Sechin.
“Trying to gain control over the global energy market, the USA is attempting to change global regulation, which even its closest allies resist,” noted Igor Sechin.
He believes that the Hormuz lessons must be thoroughly analyzed and a defense system built.
Department of Information and Advertising
PJSC “NK “Rosneft”
June 6, 2026
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