Scott Bessent Snaps at CNBC Reporter for Disputing the Trump Admin’s Russian Oil Gambit

Treasury Secretary Scott Bessent snapped at a CNBC interviewer Brian Sullivan Monday after being challenged over the scale of President Donald Trump’s decision to temporarily allow Russian oil shipments already at sea to reach global markets.

Trump signed off on the measure late Thursday, granting a 30-day exemption allowing those cargoes to be sold on global markets until April 11.

The move is aimed at easing surging oil prices triggered by the ongoing conflict with Iran and threats to shipping in the Strait of Hormuz, one of the world’s most critical energy corridors.

The policy decision carries geopolitical sensitivity given ongoing Western sanctions against Russia following its invasion of Ukraine and impacts about 130 million barrels of Russian crude that are currently stranded on tankers, according to commodities tracking firm Kpler.

Appearing on CNBC’s Squawk Box on Monday, Bessent hailed the administration’s move as a necessary step to stabilize global energy markets after tensions involving Iran threatened oil supply routes through the Strait of Hormuz.

“The other thing that we did, we gave a 30-day waiver for Russian oil that was already on the water. It was about 130 million barrels. And that’s a lot of oil. Good thing about it –” he said before being cut off.

“It’s about one and a half days’ global supply, Mr. Secretary,” Sullivan said.

Bessent quickly pushed back.

“No, no, but that’s bad framing. Good framing is that there was about 20 million a day coming out of the Gulf,” he said. “1.5 [million] of that is the Iranian oil, the 18.5 [million] the Saudis and UAE have diverted the production into the Red Sea, so that’s about another 5 [million], so there’s a strategic petroleum release. So we are in deficit, somewhere between 10 and 14 [million barrels].”

Sullivan pressed him further: “OK, I was going to ask you because it’s the old hedge fund manager, Treasury secretary coming out, counting those barrels in your math because everybody has different numbers. How many barrels of oil do you really believe, your office, you personally, the president believes that we are short in the world right now?”

Bessent acknowledged that the global market remained significantly undersupplied but countered that Trump’s move to lift sanctions on some Russian oil had given a much bigger lifeline than Sullivan had offered.

“Well, it looks like the deficit is about 10 or 14 [million], and that’s before any of the ships are coming out of the straits. So if you think about the Russian oil, that is somewhere between 9 to 11 days, 12 days of supply without the market moving,” he said.

Watch above via CNBC.

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