“The main beneficiaries of the closure of the Strait of Hormuz are U.S. oil companies,” Rosneft CEO Igor Sechin said during Russia’s flagship economic forum in St. Petersburg.
The head of Russia’s largest oil producer has argued that American energy companies have emerged as some of the biggest beneficiaries of the disruption in global oil markets caused by the closure of the Strait of Hormuz.
Speaking at the St. Petersburg International Economic Forum, Rosneft Chief Executive Igor Sechin said the ongoing crisis in the Middle East has created conditions that have strengthened the position of U.S. oil producers, even as the disruption continues to affect economies around the world.
The Strait of Hormuz is one of the world’s most important shipping routes for energy supplies. Before the conflict, roughly one-fifth of global oil and fuel shipments passed through the narrow waterway connecting the Persian Gulf to international markets. The route has been heavily disrupted since Iran effectively blocked much of the traffic following the outbreak of war with the United States and Israel earlier this year.
According to Sechin, the disruption has given American oil producers an advantage because higher global prices make U.S. oil production more profitable. “The main beneficiaries are U.S. energy companies,” Sechin said, arguing that elevated prices have allowed American producers to sell oil at more attractive margins while many competitors struggle with supply disruptions.
His comments come at a time when global energy markets remain under pressure. The closure of the Strait of Hormuz has stranded millions of barrels of oil, disrupted trade flows, and forced countries to search for alternative sources of supply. Analysts say the crisis has reshaped global energy trade patterns, with Asian countries significantly increasing imports of U.S. crude oil to offset shortages caused by the disruption.
Reports have it that U.S. crude shipments to Asia have surged in recent months as buyers seek alternatives to Middle Eastern supplies. However, industry experts caution that increased American exports are not enough to fully replace the volumes normally transported through the Strait of Hormuz.
Sechin warned that while some companies may be benefiting in the short term, the long-term consequences of the crisis could be damaging for the entire global economy.
He said prolonged disruptions could weaken demand for oil, create economic uncertainty, and encourage governments and businesses to accelerate investment in alternative energy sources.
The Rosneft chief also highlighted concerns about the growing vulnerability of global shipping routes. Sechin pointed to risks facing several strategic trade corridors and argued that recent events have shown how quickly geopolitical tensions can affect energy supplies and international commerce.
His remarks come as oil markets continue to react to developments in the Middle East. Earlier this week, the International Energy Agency warned that global oil inventories could fall to critical levels if supply disruptions continue through the peak summer demand season. The agency noted that inventories are being drawn down as countries attempt to compensate for reduced shipments from the Gulf region.
Several major energy executives have voiced similar concerns. In May, Chevron CEO Mike Wirth warned that physical shortages in oil supplies were beginning to emerge as a result of the prolonged disruption. He said Asia would likely feel the effects first because of its heavy dependence on Gulf energy exports.
Despite those concerns, Sechin expressed confidence that oil prices could eventually stabilize if shipping through the Strait of Hormuz resumes. He expects crude prices to settle around $95 to $96 per barrel by the end of this year if the waterway reopens in the near future. He also forecast that prices could ease further to around $80 to $85 per barrel in 2027.
The Rosneft executive also addressed broader challenges facing the oil industry. He said the influence of the OPEC+ alliance has weakened as some members have left the group and production levels have declined. According to Sechin, Russia’s own oil output has fallen by about 15%, reflecting the difficulties facing producers amid the current market environment.
Beyond energy markets, Sechin warned of wider economic risks linked to ongoing geopolitical tensions. He cited concerns about resource shortages, financial instability, and supply chain disruptions, arguing that greater international cooperation will be needed to avoid deeper economic problems. The comments highlight how the closure of the Strait of Hormuz continues to reshape the global energy landscape months after the conflict began.
While producers in some regions have benefited from higher prices, consumers and businesses around the world have faced rising fuel costs and increased uncertainty. Governments have responded by releasing strategic reserves, increasing imports from alternative suppliers, and seeking diplomatic solutions that could restore normal shipping activity.
For now, the future of global oil markets remains closely tied to developments in the Middle East. As negotiations continue and countries search for ways to stabilize energy supplies, the debate over who benefits and who loses from the disruption is likely to remain a major topic across the industry.
Sechin’s message was clear: while the crisis has created winners and losers, the longer the disruption lasts, the greater the risk to the global economy as a whole.
