Bessent Urges World Bank to End Ban on Upstream Oil and Gas Funding

Key Facts

1U.S. Treasury Secretary Scott Bessent called on the World Bank to reverse its ban on financing upstream oil and gas projects.

U.S. Treasury Secretary Scott Bessent called on the World Bank to reverse its ban on financing upstream oil and gas projects. Oilprice.com reported that Bessent issued a statement urging the Bank to adopt a technology-neutral approach and respond to borrower demand for gas projects, arguing that the institution cannot credibly invoke country ownership while categorically excluding upstream developments.

The U.S. administration maintains that the World Bank must return to its core mission of reducing poverty and fostering growth by expanding energy access. Within the broader energy sector context, OPEC released its Monthly Report on October 13, 2026, providing key insights into global market dynamics and production trends.