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U.S. Treasury Secretary Bessent: Global Oil Supply Will Be 'Very Well Supplied' Amid 8M–10M Barrel Daily Gap

GateNews
bitcoin newsPrice VolatilityGeopoliticsForexCommoditiesethereum newssolana newsdogecoin newsStocks

According to U.S. Treasury Secretary Bessent on May 4, the United States controls the Strait of Hormuz, and global oil supply will be “very well supplied” despite current conflicts. Bessent stated the global oil deficit caused by ongoing conflict is approximately 8 million to 10 million barrels per day. He noted that each crude oil tanker transiting the Strait of Hormuz carries roughly 2 million barrels, and if four to five vessels depart daily, the supply gap can be offset. Bessent added that 150 to 200 such tankers are available to transit, indicating sufficient market supply.

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