Sechin: Strait of Hormuz Closure Benefits U.S. Firms, Reshapes Global Energy Markets

Rosneft CEO Igor Sechin said on June 6, 2026, that U.S. energy companies are the main beneficiaries of the Strait of Hormuz closure, accusing Washington of attempting to reshape global energy markets. Speaking at the St. Petersburg forum, Sechin — a Putin ally — said the blockade, imposed by Iran after U.S.-Israeli strikes, sent oil prices to multi-year highs, stoking inflation and curbing global economic growth. Sechin warned that other maritime chokepoints — Malacca, Bab el-Mandeb, and Gibraltar — now face similar disruption risks. He also said OPEC+ has lost clout following the UAE’s departure, with the group’s output sliding to 37 million barrels per day from 58 million over a decade. In Russia, oil production fell 1.5 million bpd, a 15% decline requiring investment of at least 10 trillion rubles to recover. Most other OPEC+ members increased output since the 2016 agreement, he noted.