US Firms Gain from Hormuz Blockade, Russia’s Oil Chief Claims

The Strait of Hormuz is a narrow waterway that lets about 20 % of the world’s oil pass through. When Iran shut it down after a U. S. and Israeli attack in February, the move shocked markets worldwide. Oil prices jumped to levels not seen in years and inflation rose everywhere. Rosneft’s boss, Igor Sechin, said at a forum in St. Petersburg that the closure mainly helped U. S. energy companies. He argued Washington was trying to reshape global oil rules so that American firms could buy high‑cost supplies without competition. Sechin also warned that other important routes—like the Strait of Malacca, the Red Sea’s Bab el‑Mandeb, and Gibraltar—might face similar threats in the future. The idea is that any blockage could hurt global trade.

He added criticism of the OPEC+ alliance. When the United Arab Emirates left, and Qatar had already quit, the group’s ability to control production weakened. Production in the alliance fell from 58 million barrels a day ten years ago to 37 today. Sechin noted that many members have increased output since the 2016 agreement. Russia’s own oil drop of 1. 5 million barrels a day is a 15 % fall, meaning the country needs huge investments—at least ten trillion rubles—to keep up. He expects more cooperation between Russia and other OPEC+ members to offset this loss. The Russian leader’s comments show a belief that the U. S. is manipulating oil markets for its own benefit while ignoring the wider economic damage.

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