Bessent Gave A Timeline For When Oil Prices Will Go Down

• 3.05.2026, 20:27

The beginning of the decline could start very soon.

The head of the U.S. Treasury Department Scott Bessent said that oil prices will fall by the end of 2026. And the beginning of the decline may start very soon.

About it reports Fox News.

The minister estimates that oil prices will start to decline in the next 3-9 months. He said the United Arab Emirates' withdrawal from OPEC will help, after which the UAE is likely to increase production.

"The UAE decided that OPEC was not right for them. Most monopolies end up collapsing under their own weight. That gives me great optimism, oil prices after this conflict will be much lower than they were at the beginning of the year or at any point in 2020-2025... I think oil prices ... (will be - ed.) lower in three, six, nine months," Bessent said.

Another factor in this forecast is the minister's assumption that oil that is stuck in the Middle East due to the blockade of the Strait of Hormuz will soon enter the market.

"Hundreds of oil tankers are parked in the Persian Gulf waiting to get out. The U.S. is blocking only Iranian ships. And let's see, I wouldn't be surprised to see more and more ships going out to sea," the minister added.