At the St Petersburg International Economic Forum on June 6, 2026, Rosneft chief Igor Sechin accused U.S. oil companies of reaping gains from the Iranian blockade of the Strait of Hormuz, warning that the move could set a dangerous precedent for other vital shipping lanes.

Hormuz Blockage Boosts U.S. Oil Firms, Sechin Claims

Sechin argued that the closure, triggered by U.S. and Israeli strikes on Iranian targets and the killing of Supreme Leader Ayatollah Ali Khamenei, sent crude prices to multi‑year highs and created a “non‑competitive advantage” for American energy firms. According to him, the U.S. is using the crisis to reshape global energy markets to its own benefit, a development that threatens sector stability.

Risk of a Chain Reaction Across Key Shipping Lanes

Sechin warned that the Hormuz incident could set a precedent for future disruptions in other strategic passages such as the Strait of Malacca, Bab al Mandeb and the Strait of Gibraltar. He cautioned that such moves would amplify supply‑chain shocks and further inflame global inflation.

OPEC Plus Weakens as UAE, Qatar Exit, Sechin Notes

Sechin highlighted the recent withdrawal of the United Arab Emirates, along with earlier exits by Qatar, which has eroded OPEC Plus’s production potential. he cited a drop from 58 million barrels per day a decade ago to 37 million barrels per day today, and noted Russia’s own output decline of 1.5 million barrels per day – a 15 % fall.

Russia Calls for a Ten‑Trillion‑Ruble Investment Push

To offset the shortfall, Sechin called for a massive injection of capital, estimating that at least ten trillion rubles will be needed for new investment projects. he expressed optimism that deeper investment cooperation between Russia and other OPEC Plus members could restore balance in the global oil market and mitigate the disruptive effects of the Hormuz closure .

Who Is the Unnamed Buyer of the New Energy Advantage?

Sechin’s remarks raise the question of which U.S. firms are reaping the benefits of the Hormuz blockade. while the report says American energy companies have secured high‑cost supplies at the expense of other market participants, the identities of the specific buyers remain unclear.