Rosneft chief says US oil firms gain from Hormuz crisis

Rosneft CEO Igor Sechin on Saturday accused US oil companies of reaping "noncompetitive advantages" from the ongoing Strait of Hormuz crisis, telling delegates at the St. Petersburg International Economic Forum that American hydrocarbon exports are "breaking all records" while regional rivals face severe supply disruptions.

Record profits for US energy sector

Citing estimates by Norwegian consultancy Rystad Energy, Sechin stated that Washington's energy firms stand to collect more than $60 billion in additional profit during 2026 if oil prices hold near $100 per barrel. He added that the sector could generate approximately $80 billion in extra tax revenues for the US Treasury under such conditions, underlining the financial windfall created by continued instability in the vital Middle East transit corridor.

China's strategic preparedness

The Russian energy executive contrasted Western vulnerabilities with Beijing's approach, arguing that China has positioned itself more effectively against potential Hormuz disruptions through long-term state planning and diversified energy security investments. Sechin noted that Chinese investments in renewable power and low-cost transportation infrastructure have provided consumers with viable alternatives including electric vehicles, buses, gas-powered trucks, metro systems and electric trains, reducing reliance on oil imports through the blocked waterway.

Regional tensions and ceasefire

Regional tensions escalated after US and Israeli strikes on Iran on February 28 triggered retaliatory attacks across the region, prompting Tehran to target American military installations and disrupt maritime traffic through the Strait of Hormuz — which carries roughly one-fifth of global oil shipments. A ceasefire has since taken effect between the parties, though diplomatic efforts to secure a broader settlement have continued amid concerns over the security of vital energy transit routes.