The closure of the Strait of Hormuz has redrawn the global energy landscape, sending oil prices sharply higher, fueling inflationary pressures across major economies, and intensifying competition among oil-producing nations.
Against that backdrop, Igor Sechin, the powerful chief executive of Rosneft and a long-time ally of Vladimir Putin, argued on Saturday that American energy producers have emerged as the biggest winners from the turmoil.
Speaking at the St. Petersburg International Economic Forum, Sechin said the disruption of one of the world’s most important energy chokepoints had fundamentally altered market dynamics and handed U.S. producers a significant competitive advantage.
Register for Tekedia Mini-MBA edition 20 (June 8 – Sept 5, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
“The closure of the Strait of Hormuz is an attempt to reshape global energy market regulations to benefit the United States. The measures taken to block the strait were aimed at Iran, but backfired on the entire world. The strategic risks were underestimated,” Sechin said.
“The main beneficiaries, of course, were American companies, who gained non-competitive advantages and the ability to secure high-cost supplies,” he added.
The Strait of Hormuz has long been regarded as one of the most strategically important waterways in the global economy, serving as a transit route for roughly one-fifth of the world’s oil supplies as well as significant volumes of liquefied natural gas, petrochemicals, and fertilizers. Disruption to traffic through the corridor has reverberated across energy, shipping, and financial markets for months now.
The closure of the strait, which followed the escalation of conflict involving Iran, Israel, and the United States, has triggered a sharp rise in crude prices and renewed concerns about energy security. Higher fuel costs have already begun feeding into broader inflation pressures at a time when many economies were hoping for a period of price stability.
Sechin argued that while the measures were directed at Iran, the consequences have spread far beyond the region, affecting consumers, industries, and governments around the world.
His comments also highlight a growing geopolitical struggle over the future structure of global energy markets. Russia has repeatedly accused Western countries of using sanctions, trade restrictions, and geopolitical pressure to reshape commodity flows and strengthen their own strategic positions.
Beyond the immediate impact of the Hormuz disruption, Sechin warned that vulnerabilities remain across several other critical maritime routes that underpin international trade.
He said major shipping corridors, including the Strait of Malacca, the Bab el-Mandeb Strait, and the Strait of Gibraltar, could also face disruption risks, raising the prospect of further instability in global supply chains if geopolitical tensions continue to intensify.
Such concerns weigh heavily on energy markets. Together, those routes carry enormous volumes of crude oil, refined fuels, manufactured goods, and raw materials. Any sustained disruption would likely increase transportation costs, prolong supply shortages, and place additional pressure on inflation worldwide.
Weighing The Effectiveness of the OPEC+ Alliance
Sechin used the forum appearance to address another issue that has long divided opinion within the oil industry: the effectiveness of the OPEC+ alliance.
Known for his skepticism toward Russia’s cooperation with the producer group, Sechin argued that OPEC+ has become weaker following the withdrawal of the United Arab Emirates and earlier departures by countries including Qatar.
“As a result, the alliance’s production has fallen from 58 to 37 million barrels per day over the past ten years,” he said.
His remarks point to broader questions about the group’s future influence. OPEC+ was formed to coordinate production policies among major oil-exporting nations and stabilize global markets. For years, the alliance played a central role in balancing supply and demand, particularly during periods of market volatility.
However, changing geopolitical realities, diverging national interests, and the emergence of new production centers have complicated that mission.
Sechin also argued that while many major OPEC+ members have expanded production since the cooperation agreement was established in 2016, Russia has experienced a significant decline.
“Most major OPEC+ members have increased production since the agreement was signed in 2016. In Russia, oil production fell by 1.5 million barrels per day,” he said.
“This is a 15% decline that will need to be offset by necessary investments of at least ten trillion rubles. We expect that investment cooperation between the alliance’s member countries and our country will also expand.”
This inadvertently exposed the scale of the challenge facing Russia’s energy sector. Maintaining output levels will require substantial investment at a time when global energy markets are being reshaped by geopolitical tensions, supply disruptions, and the growing competition for market share among major producers.