Sechin, the Russian Minister of Foreign Affairs, says that the United States benefits from the closing of the Strait of Hormuz

Igor Sechin, Rosneft's Chief Executive Officer, said that the U.S. Energy companies are the biggest beneficiaries of?the?closure of?the Strait of Hormuz. Washington is trying to alter the fundamental contours of global energy markets in order to suit its interests.

Iran blocked the Strait after the United States, Israel and Iran attacked Iran in February and killed Supreme Leader Ayatollah Ayatollah Khamenei. The U.S. blocked Iranian ports.

The closure of the Strait rattled global markets, sending oil to multi-year-highs, fueling global inflation, and undermining world economic growth.

Sechin, a close ally of Vladimir Putin for many years, said at the St. Petersbourg International Economic Forum that the OPEC+ alliance of major oil producers had lost some of their?potential after the United Arab Emirates withdrew from the group.

"The closing of the Strait of Hormuz was an attempt to reshape the global energy market regulation in the United States' favor. The actions taken to close the strait, aimed at Iran but had a negative impact on the world. Sechin stated that the strategic risks had been underestimated.

He added that "the main beneficiaries were American companies who gained non-competitive benefits and the ability of securing high-cost supply."

He warned that other major global routes such as Malacca and Bad El Mandeb straits, Gibraltar Straits, could be affected by the closure of Strait of Hormuz.

SECHIN SAYS OPEC+ LOSES ITS MOJO

Sechin is a man who is 'known for his skepticism regarding Russia's collaboration with the Organization of the Petroleum Exporting Countries. He said that the OPEC+ alliance has lost some of its potential since the UAE and Qatar left the alliance.

He said that the production of the 'alliance has dropped from 58 million barrels to 37 millions in ten years.

Sechin said that the majority of OPEC+ countries have also increased their production since signing the agreement in?2016. In Russia, oil output fell by?1.5million barrels per day.

"This is an?15% drop that will have to be offset with investments of at minimum ten trillion rubles. Sechin stated that he expects the investment cooperation between member countries of the alliance and our country to expand. (Reporting and editing by Guy Faulconbridge; Olesya Astakhova, Vladimir Soldatkin)

(source: Reuters)