{"id":411386,"date":"2026-05-04T14:27:08","date_gmt":"2026-05-04T14:27:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/411386\/"},"modified":"2026-05-04T14:27:08","modified_gmt":"2026-05-04T14:27:08","slug":"bessent-the-world-is-in-an-8-10-million-barrel-oil-supply-deficit","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/411386\/","title":{"rendered":"Bessent: The world is in an 8-10 million barrel oil supply deficit"},"content":{"rendered":"<p data-v-6bf95c48=\"\">I would be interested to see the math on Bessent&#8217;s calculation on how many barrels are missing. The outlines of it are usually that 20 mbpd goes through the Strait of Hormuz daily under normal conditions. Now that&#8217;s down to virtually zero, however Saudi Arabia fired up an east-west pipeline to the Red Sea and other mitigation efforts via land have preserved 7-8 mbpd of exports. Bessent is adding another 2-5 mpbd to that.<\/p>\n<p data-v-6bf95c48=\"\">Other comments from Bessent:<\/p>\n<p>We have absolute control of the straitUS is firing only when fired uponNow would be a good time for potential partners to step up on IranTo the US consumer: Help is on the wayI think the oil market will be very well suppliedExpecting oil prices to come down quickly when conflict endsLet&#8217;s see China step up diplomacy on Iran<\/p>\n<p data-v-6bf95c48=\"\">Bessent and others are losing credibility on Iran. They promised a 4-6 week conflict and oil prices falling quickly after that but now we&#8217;re in week 10 and there&#8217;s no sign of an end. Last week, Bessent said Iran&#8217;s oil industry would implode in three days because oil would be shut in but they&#8217;re still loading tankers on Kharg Island.<\/p>\n<p data-v-6bf95c48=\"\">At the very start of the war, Trump&#8217;s former national security advisor John Bolton <a href=\"https:\/\/investinglive.com\/news\/bolton-warns-trump-may-not-have-thought-past-the-trigger-on-iran-20260302\/\" target=\"_blank\" class=\"article-link\" data-v-6bf95c48=\"\" rel=\"nofollow noopener\">talked <\/a>about Trump, and I believe he&#8217;s being proven correct. He said that Trump doesn&#8217;t think strategically, that he improvises.<\/p>\n<p data-v-6bf95c48=\"\"> Bolton said he was &#8220;very worried&#8221; that the administration didn&#8217;t do<br \/>\nadequate consultation with the Iranian opposition before pulling the<br \/>\ntrigger and that&#8217;s proven to be true as well, as there&#8217;s been no uprising and whatever Trump tried with supply Kurds with weapons failed.<\/p>\n<p data-v-6bf95c48=\"\">Mostly though, it&#8217;s the improvising and erratic behaviour that doesn&#8217;t inspire confidence.<\/p>\n<p data-v-6bf95c48=\"\">&#8220;He can swing wildly on a given issue in the course of a day. He could swing back,&#8221; Bolton said about Trump.<\/p>\n<p data-v-6bf95c48=\"\">The military execution may be good but the day-after plan is unclear, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"I would be interested to see the math on Bessent&#8217;s calculation on how many barrels are missing. The&hellip;\n","protected":false},"author":2,"featured_media":411387,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-411386","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/411386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=411386"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/411386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/411387"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=411386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=411386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=411386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}