Oil will cost 95 dollars by the end of the year if the Strait of Hormuz is opened, according to Russia

Moscow.- Oil will cost about 95-96 dollars a barrel if the Strait of Hormuz is reopened “now,” predicted Igor Sechin, the head of the largest Russian oil company, Rosneft.

“If the restrictions are lifted now, then it is possible that by the end of the year the average price of a barrel will be around 95-96 dollars,” he said during the St. Petersburg International Economic Forum.

He added that “it takes approximately half a year to restore positive momentum. And, then, within a year we will see a price around 80-85 dollars”.

Sechin, whose oil company is sanctioned by the U.S. and the European Union, predicted that the situation will return to normal next year, provided that the conflict in the Middle East is resolved.

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At the same time, he warned that if the 7 million barrels of Russian crude destined for export are sanctioned due to the war in Ukraine, the price could reach 250 dollars.

The Russian president, Vladimir Putin, admitted this week that the Russian economy is benefiting from the rise in crude oil prices, but denied that Moscow wants the current situation to continue and advocated for a quick resolution to the conflict in Iran.