Rosneft Chief: UAE's OPEC+ Exit Reduced Capabilities
The CEO of Rosneft, Igor Sechin, confirmed that the UAE's withdrawal from the OPEC+ coalition weakened its capabilities. He considered that closing the Strait of Hormuz is an attempt to alter the global oil market in favor of the United States. He forecasted that fundamental factors in the oil market would continue to exert influence until the second half of 2027, with the possibility of the barrel reaching $95 by the end of 2026 if the Strait were reopened, before decreasing to $80-85 thereafter. He also pointed out that China is better able to withstand the implications of closing the Strait due to its balanced energy security policy.
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