Rosneft Chief Executive Igor Sechin warned on Saturday that the closure of the Strait of Hormuz, orchestrated by Iran in response to U.S.-Israeli attacks, primarily benefits American energy companies but detrimentally reshapes the global oil market. Speaking at the St. Petersburg International Economic Forum, Sechin criticized the strategic risks involved and labeled U.S. actions as market manipulation to suit its interests. The blockade has escalated global oil prices, bolstering Russia’s oil and gas revenue, yet Sechin cautioned about underestimated risks. The ongoing tensions jeopardize routes crucial for worldwide commerce and signal a shift towards alternative energy resources. He highlighted China’s…
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