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Global oil market may face oversupply in foreseeable future — US Treasury chief

Scott Bessent did not rule out OPEC "falling apart"

NEW YORK, September 9. /TASS/. The global oil market may face an oversupply in the foreseeable future, US Treasury Secretary Scott Bessent said.

"I think that the market is going to be oversupplied with oil. I don't know whether it's a year, two years out between everything that's going on in the US with Venezuela; one day this terrible war in Russia-Ukraine will end, and things will normalize in the Middle East, and OPEC’s falling apart," he told students at Southern Methodist University in Texas.

The Organization of the Petroleum Exporting Countries (OPEC) was established in 1960 at the initiative of major oil-producing countries, including Iraq, Iran, Kuwait, Saudi Arabia and Venezuela. Their goal was to coordinate oil production policies, ensure regular oil supplies and stabilize oil markets.

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United States OPEC

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