Rosneft Director: American energy companies are the main beneficiaries of the closure of the Strait of Hormuz

Igor Sechin, the CEO of Rosneft, stated at the St. Petersburg International Economic Forum that the closure of the Strait of Hormuz has benefited American energy companies, which have gained opportunities to sell oil at higher prices.

This maritime route is essential, transiting approximately 20% of the world's oil supply.

Sechin emphasized that the persistent tensions in the region could reduce oil demand and stimulate interest in alternative energy sources. He also mentioned that Russia's revenues from oil taxes and royalties increased by 32.4% in May, reaching 678.9 billion rubles.

Regarding oil prices, Sechin estimates that if the Strait of Hormuz reopens, Brent prices could reach 95-96 dollars per barrel by the end of the year. He also warned about global issues such as the electricity deficit and food shortages. Concerning OPEC+, Sechin noted that its influence has decreased, and combined production has significantly declined over the last decade. Russia, in particular, requires considerable investments to offset the decline in oil production.