At the St. Petersburg International Economic Forum, Rosneft CEO Igor Sechin stated that U.S. energy companies are reaping the benefits of the closure of the Strait of Hormuz, a key passage for approximately 20% of global oil supplies. This blockade, initiated after U.S. and Israeli military actions against Iran, has led to soaring oil prices and heightened global inflation, impacting economic growth worldwide. Sechin criticized the U.S. for attempting to reshape global energy markets to its advantage, asserting that the blockade's strategic risks were underestimated. He also expressed concerns over the weakening of the OPEC+ alliance following the United Arab Emirates' withdrawal, which has resulted in a significant drop in production capacity. Furthermore, he warned that other major shipping routes, including the Malacca and Gibraltar straits, could also be threatened by similar disruptions. He highlighted that Russia's oil production has declined by 1.5 million barrels per day, emphasizing the need for substantial investments to counter this decline.