Sechin: Average oil price in 2026 may reach $95 per barrel

The average oil price in 2026 may reach $95 per barrel, but only under the condition of an immediate reopening of the Strait of Hormuz, which is currently causing the market to lose around 16 million barrels per day, Rosneft CEO Igor Sechin said, Report informs via Interfax.

"If the restrictions are lifted now, then by the end of the year the average price could reach $95–96 per barrel. It would take about six months to restore positive dynamics. Then in about a year we would see around $80–85. I think so, because restoring supplies requires significant time and investment," Sechin said at the energy panel of SPIEF-2026.

He added that a return to "fundamental market indicators" could be possible by the second half of 2027 if the Middle East crisis is resolved.