Maintaining tension in the Strait of Hormuz over a long period undermines the long-term demand for oil, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security, speaking with a keynote report at the Energy Panel during SPIEF-2026. In his opinion, the main beneficiary of the Hormuz crisis, undoubtedly, became American companies, which received non-competitive advantages and the opportunity to organize supplies at a high price. "American hydrocarbon exports are breaking all records," Sechin noted. According to Rystad Energy's estimate, if oil prices remain at around 100 dollars per barrel, American oil and gas companies could receive more than 60 billion dollars of additional profit this year. And additional tax revenues from the industry, according to expert estimates, could amount to about 80 billion dollars.

"But how long will this abundance last? Clearly, continued tensions in the Strait of Hormuz will undermine long-term demand for oil. It could also trigger a renewed surge of interest in alternative energy," stated Igor Sechin.

According to the Executive Secretary of the Presidential Commission on the Fuel and Energy Complex, sources of oil production growth in the world are limited, and in recent years, production growth in American shale is slowing down. "Oil production in Venezuela requires significant investments. Recently the authorities of this country have obligated foreign companies to arrange their own power generation due to a significant shortage of energy capacity in the country," said Sechin.

"Seeking to get control over the global energy market, the US is attempting to change global regulations, a move that even its closest allies are resisting," noted Igor Sechin.

He believes that the lessons of Hormuz must be carefully analyzed, and a system of protection needs to be built.

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026