Bessent clashes with CNBC over global oil supply amid Iran conflict
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Treasury Secretary Scott Bessent pushed back on a CNBC reporter’s characterization of a global oil shortage during an appearance on CNBC’s “Squawk Box” on Monday, arguing that some media coverage misrepresented the size of the supply gap created by disruptions in the Persian Gulf.
Speaking with CNBC host Brian Sullivan, Bessent disputed the claim that releasing Russian oil shipments has made only a minimal contribution to global supply.
“No, no, but that’s a bad frame,” Bessent said after Sullivan announced that oil was roughly equivalent to a day and a half of global supply. “A good way to frame it is that there are about 20 million people a day coming from the Gulf.”
The exchange comes as global energy markets react to rising tensions over Iran and disruptions near the Strait of Hormuz, one of the world’s most critical oil and gas shipping routes.
Export oil pipelines are seen at an oil facility on Kharg Island off the Gulf coast, February 23, 2016. (Str/AFP via Getty Images)
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“That’s a lot of oil,” Bessent said.
He argued that broader market dynamics indicate more available supply than some commentators have suggested. Bessent noted that approximately 1.5 million barrels per day of Gulf exports come from Iranian oil, while other producers such as Saudi Arabia and the United Arab Emirates direct shipments to alternative routes.
“So we have a deficit of between 10 and 14,” Bessent said, referring to his estimate of the current global supply gap.
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Screenshot of a maritime traffic terminal showing ships in the Strait of Hormuz on March 4, 2026. (Kpler/Marine Traffic)
Despite the deficit, additional supply buffers remain available, including Iranian oil stored in tankers and reserves held by major producers, Bessent said.
“If you think about Russian oil, that’s somewhere between nine and 11 days of supply, so that’s 12 days of supply before the market moves,” he said.
Bessent also addressed reports of a possible delay in the planned meeting between President Donald Trump and Chinese President Xi Jinping, saying any changes would be related to logistics rather than disagreements over security in the Strait of Hormuz.
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A thick cloud of smoke rises from an oil storage facility hit by a US-Israeli attack in Tehran, Iran, late Saturday and into Sunday, March 8, 2026. (Vahid Salemi/AP Photo)
“If the meeting is rescheduled for any reason, it will be because of logistics,” Bessent said. he said. “The President wants to stay in D.C. to coordinate the war effort.”
The treasury secretary said talks with the Chinese trade delegation were constructive and that global oil prices could eventually fall once conflict subsidies and markets stabilize.
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“I think it’s probably much lower,” Bessent said when asked if crude oil could return to around $80 a barrel in the coming months.
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