St. Petersburg — Speaking at the Energy Panel of the St. Petersburg International Economic Forum 2026, Igor Sechin, Chief Executive Officer of Rosneft Oil Company and Executive Secretary of the Russian Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Safety, said that US energy companies have emerged as the principal beneficiaries of the recent tensions surrounding the Strait of Hormuz.
Delivering his report titled “The Beginning of the End or the End of the Beginning: What’s Left at the Bottom of Pandora’s Box?”, Sechin examined the shifting geopolitical landscape in the Middle East, the balance of power in global energy markets, and the long-term structural pressures facing the world economy.
Hormuz crisis and global market disruption
According to Sechin, the disruption in the Strait of Hormuz represents an attempt to reshape global energy market regulation in favor of US strategic interests. He argued that the resulting instability has produced a dual price shock, with consumers worldwide experiencing simultaneous increases in electricity tariffs and motor fuel prices.
He noted that such volatility has reinforced structural imbalances in global energy trade, amplifying uncertainty across supply chains and increasing exposure for importing economies.
Sechin stressed that American oil and gas companies have gained significant competitive advantages during this period. These include improved access to high-priced supply contracts and strengthened positioning in global trade flows amid constrained market conditions.
Citing industry estimates from Rystad Energy, he stated that if oil prices remain near the level of $100 per barrel, US producers could generate more than $60 billion in additional profits over the course of the year. He further referenced projections suggesting that the sector could also benefit from approximately $80 billion in additional tax revenues.
Economic consequences and market distortions
Sechin emphasized that while certain market participants benefit in the short term, such conditions create broader distortions in global energy pricing mechanisms. He warned that sustained volatility may undermine long-term investment predictability and weaken the balance between producers and consumers.
He also highlighted that prolonged geopolitical tension in key maritime routes, including the Strait of Hormuz, could accelerate structural shifts in global energy demand. In particular, he suggested that sustained price pressure may reinforce long-term interest in alternative energy sources and intensify the ongoing transformation of energy systems worldwide.
Global Energy Stability and Supply Resilience in Focus
Addressing Russia’s position in the global energy system, Sechin underlined that the country continues to play a stabilizing role in international energy markets. He noted that the country holds the world’s largest reserves of oil and gas and maintains long-term partnerships with major importing economies, including China and India.
According to his remarks, these partnerships ensure stable supply flows to the world’s largest demand centers, even under conditions of external market volatility.
Sechin stated that the cumulative economic benefit from Russian oil supplies to China and India since April 2022 has exceeded $40 billion, reflecting the scale and continuity of bilateral energy cooperation.
He also emphasized the strategic importance of the oil and gas sector for the country’s economy. The sector accounts for approximately 40% of the country’s export revenues. Tax receipts from oil, gas, and related industries reached about 17 trillion rubles in the previous year, representing nearly one quarter of total consolidated budget revenues.
Structural outlook for the global economy
Concluding his remarks, Sechin warned that the global economy is entering a period defined by increasing resource constraints. He argued that structural shortages in energy and other critical resources will become one of the key forces shaping the architecture of the global economic system in the coming decades.
He suggested that these constraints, combined with geopolitical fragmentation and shifting trade routes, will determine the next phase of global economic development and intensify competition for access to energy resources.
Sechin’s address at the forum highlighted the intersection of geopolitical risk, energy market dynamics, and long-term structural change, positioning energy security as a central issue in global economic stability.
