Bessent urges World Bank to end oil and gas financing restrictions

U.S. Treasury Secretary Scott Bessent urged the World Bank to end its restrictions on financing upstream oil and gas projects, arguing that countries should be able to choose affordable, reliable energy sources and that projects should be assessed for their potential benefits. The request is part of a broader push by the Trump administration to reshape multilateral development institutions, including support for nuclear energy and critical-minerals development and changes to lending and procurement policies. The World Bank has maintained its policy against financing upstream oil and gas since 2019, with limited exceptions for natural gas, and any change would require the institution’s formal approval. Analysts say the immediate impact is political rather than a near-term change to energy supplies or prices.