The CEO of Russian oil giant Rosneft stated on Saturday that American energy firms are the primary beneficiaries of the blockade of the Strait of Hormuz, alleging that Washington is attempting to reshape the fundamental structure of the global energy market to serve U.S. interests.
In February, following attacks by the U.S. and Israel on Iran and the killing of Supreme Leader Ayatollah Ali Khamenei, Iran blockaded the Strait of Hormuz—a crucial transit route for approximately one-fifth of the world's oil supply and other vital commodities, including fertilizers. The United States has since imposed a blockade on Iranian ports.
The closure of the strait has destabilized global markets, driving oil prices to multi-year highs, exacerbating worldwide inflation, and weakening global economic growth.
Speaking at the St. Petersburg International Economic Forum, the CEO also remarked that the "OPEC+" alliance of major oil-producing nations has lost some of its potential following the withdrawal of the United Arab Emirates from the group.
"The blockade of the Strait of Hormuz is an attempt to rewrite the rules of the global energy market for America's benefit. While the blockade measures target Iran, the entire world suffers the consequences. The strategic risks have been underestimated," the Rosneft chief said.
"Naturally, the main beneficiaries are American companies, which have gained non-competitive advantages and the ability to secure high-cost supplies," he noted, pointing to Rystad Energy projections suggesting U.S. oil and gas firms could reap over $60 billion in extra profits this year.
The executive also warned that following the Hormuz blockade, other major global shipping lanes, such as the Strait of Malacca, the Bab-el-Mandeb Strait, and the Strait of Gibraltar, could also face risks of disruption.
OPEC+ Losing Influence, Says Rosneft CEO
The Rosneft CEO, who has long been skeptical of Russia's cooperation with the Organization of the Petroleum Exporting Countries (OPEC), stated that the OPEC+ alliance has diminished in potential following the UAE's exit and the earlier departure of nations like Qatar.
"Consequently, over the past decade, the alliance's daily production has fallen from 58 million barrels to 37 million barrels," he said.
He further noted that since the 2016 agreement was signed, most major OPEC+ members have increased their output. In contrast, Russia's oil production has decreased by 1.5 million barrels per day.
"This represents a 15% reduction, requiring necessary investments of at least 10 trillion rubles to compensate. We anticipate that investment cooperation between the alliance members and our country will also expand further," the CEO stated.
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