Igor Sechin, the CEO of Rosneft, stated that the blockade of the Strait of Hormuz, a crucial passage for approximately 20% of the world's oil supply, has been manipulated by the U.S. to reshape global energy markets in its favor. This blockade followed the U.S. and Israel's attack on Iran, which resulted in the death of Supreme Leader Ayatollah Ali Khamenei.
The closure has caused oil prices to surge to multi-year highs, contributing to global inflation and threatening economic growth worldwide. Sechin criticized the strategic risks associated with the blockade, asserting that while it was intended to target Iran, it has adversely affected the global economy, with U.S. companies gaining competitive advantages.
He also expressed concerns about potential disruptions to other major shipping routes. Additionally, Sechin commented on the diminishing influence of the OPEC+ alliance, particularly following the UAE's withdrawal, which he believes has led to a significant drop in production capacity.
He noted that OPEC+ production has decreased from 58 million barrels per day to 37 million over the past decade, while Russia's production has fallen by 1.5 million barrels per day, necessitating substantial investments to recover lost output