Sechin: US and Other Countries Unable to Supply 16 Million Barrels Per Day Amid Middle East Conflict

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Igor Sechin, CEO of Rosneft, stated that the global oil market lacks the capacity to fully compensate for the volumes of crude that could be lost if supplies through the Strait of Hormuz were halted, according to TASS.

Speaking at the St. Pyotrsburg International Economic Forum, Sechin emphasized that the potential disruption could amount to approximately 16 million barrels of oil per day. He noted that neither the U.S. nor any other producers have the resources to quickly replace such a significant volume of supplies on the global market.

When asked about the ability of the U.S. oil industry to offset a potential deficit, Sechin gave a negative response, highlighting the scale of potential losses for the global energy balance.

Commenting on the possibility of a sharp increase in oil prices if the Strait of Hormuz were closed for an extended period, Sechin refrained from making his own predictions. The question of whether oil prices could rise to $150 per barrel under months-long shipping restrictions, he redirected to U.S. President Donald Trump.

The Strait of Hormuz remains one of the key routes for global energy trade. A significant portion of oil and petroleum product exports from Persian Gulf countries passes through it, so any disruptions in its operation are typically seen by the market as a serious risk factor for global energy security.