Rosneft (ROSN) CEO Discusses U.S. Gains from Strait Closure
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowRosneft CEO Igor Sechin stated that U.S. companies benefit from the closure of the Strait of Hormuz, which supplies about one-fifth of the world's crude oil. He warned that ongoing tensions could impact long-term oil demand. In May 2023, Russia's oil and gas tax revenue rose by 32.4% year-on-year to 678.9 billion roubles ($9.3 billion). Sechin projected that if the Strait opened soon, oil prices might reach $95 to $96 per barrel by year-end. The closure's implications could reshape global energy market dynamics including demand for alternative energy sources.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
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