St. Petersburg — (AfricaNewswire.net) -- 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.
Contact:
Elena Kuznetsova
International Communications Office
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