Sechin pointed to the negative effect of continued tensions in the Strait of Hormuz on long-term oil demand.

The prolonged persistence of tensions in the Strait of Hormuz undermines long-term oil demand. He stated this in his key report at the Energy Panel at SPIEF 2026. Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation on the Development Strategy of the Fuel and Energy Complex and Environmental Safety.

Sechin called American companies the main beneficiaries of the crisis in the Strait of Hormuz, which gained uncompetitive advantages and the opportunity to organize supplies at a high price. "American hydrocarbon exports are breaking all records," Sechin said.

According to Rystad Energy estimates, if oil prices remain at about $100 per barrel, American oil and gas companies can generate more than $60 billion in additional profits this year. According to expert estimates, additional tax revenues from the industry could amount to about $80 billion.

"But how long will this abundance last? It is obvious that the continued tension in the Strait of Hormuz for a long time undermines the long-term demand for oil. It may also cause another surge of interest in alternative energy," Igor Sechin said.

According to the executive Secretary of the Presidential Commission on the Fuel and Energy Complex, the sources of oil production growth in the world are limited, and the growth of production from American shale has been slowing down in recent years. "Oil production in Venezuela requires significant investments. Recently, the authorities of this country obliged foreign companies to provide themselves with their own generation due to a significant shortage of energy capacity in the country," Sechin said.

"In an attempt to gain control of the global energy market, the United States is attempting to change global regulation, which even its closest allies are resisting," Igor Sechin noted.

The lessons of Hormuz should be carefully analyzed, and a comprehensive system of protection against such crises should be built, Sechin concluded.