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Treasury Secretary Scott Bessent pushed again on a CNBC reporter’s characterization of global oil shortages Monday throughout an look on CNBC’s “Squawk Box,” arguing that some media protection is misrepresenting the dimensions of the supply hole created by disruptions within the Persian Gulf.
Speaking with CNBC anchor Brian Sullivan, Bessent disputed the suggestion that the discharge of Russian oil shipments represented solely a minimal contribution to global supply.
“No, no, but that’s bad framing,” Bessent mentioned after Sullivan described the oil as equal to roughly one and a half days of global supply. “Good framing is that there was about 20 million a day popping out of the Gulf.”
The change got here as global vitality markets react to escalating tensions involving Iran and disruptions near the Strait of Hormuz, one of many world’s most important transport routes for oil and pure gasoline.
Export oil pipelines are seen at an oil facility on Kharg Island, on the shore of the Gulf, Feb. 23, 2016. (Str/AFP Via Getty Images)
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“That’s a lot of oil,” Bessent mentioned.
He argued that broader market dynamics present extra obtainable supply than some commentators recommend. Bessent famous that roughly 1.5 million barrels per day of Gulf exports come from Iranian oil, whereas different producers akin to Saudi Arabia and the United Arab Emirates redirected shipments by way of various routes.
“So we are in a deficit somewhere between 10 and 14,” Bessent mentioned, referring to his estimate of the present global supply shortfall.
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A screenshot of a marine site visitors terminal exhibiting vessels within the Strait of Hormuz on March 4, 2026. (Kpler/Marine Traffic)
Despite the deficit, Bessent mentioned further supply buffers exist, together with Iranian oil presently saved in tankers and reserves held by main producers.
“If you think about the Russian oil, that is somewhere between nine to 11 days, 12 days of supply without the market moving,” he famous.
Bessent additionally addressed reviews a couple of potential delay in a deliberate assembly between President Donald Trump and Chinese President Xi Jinping, saying any change could be associated to logistics slightly than disputes over safety within the Strait of Hormuz.
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A thick plume of smoke rises from an oil storage facility hit by a U.S.-Israeli strike late Saturday in Tehran, Iran, and into Sunday, March 8, 2026. (Vahid Salemi/AP Photo)
“If the meeting for some reason is rescheduled, it would be because of logistics,” Bessent mentioned. “The president wants to remain in D.C. to coordinate the war effort.”
The treasury secretary mentioned talks with the Chinese commerce delegation have been constructive and predicated global oil costs may finally fall as soon as the conflict subsidies and markets stabilize.
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“I think probably much lower,” Bessent mentioned when requested whether or not crude may return to round $80 per barrel within the coming months.
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