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Story summary
- Treasury Secretary Scott Bessent told CNBC March 16, 2026 that media reports downplay a supply gap from Persian Gulf disruptions.
- He said there is a deficit of 10 to 14 million barrels per day, with buffers including stored Iranian oil.
- He said talks with the Chinese trade delegation were constructive.
- He projected that global oil prices could decrease as markets stabilize, potentially around $80 per barrel in the coming months.
