ROSN News & Analysis

Rosneft (ROSN) CEO Discusses U.S. Gains from Strait Closure

Rosneft 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.