U.S. Wants World Bank to Drop Ban on Upstream Oil and Gas Funding
Europe’s Gas Prices Close to 2022 High as Hormuz LNG Flows Remain Limited Fraunhofer ISE tested high-temperature heat… What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… The World Bank needs profound reforms, including reversing a ban on upstream oil and gas financing, U.S.
Treasury Secretary Scott Bessent said in astatementfor the World Bank Development Committee and the IMF International Monetary and Financial Committee.
The World Bank has made some steps in returning its focus on its core mission of reducing poverty and raising economic growth, Bessent said, but noted that “significantly more is needed.” “We continue to support the World Bank and African Development Bank goal to extend energy access to 300 million more people in Africa,” the U.S.
“Achieving this goal will require the Bank to take a technology-neutral approach rather than restricting borrower choice, including by removing constraints on its support for natural gas and positively responding to borrower demand for gas projects.” Nearly a decade ago, the World Bank Group said in 2017 it wouldno longer financeupstream oil and gas after 2019.
But the group noted that “In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.” According to Bessent, “the World Bank Group should formally retire its prohibition on financing upstream gas and oil.” “The Bank cannot credibly invoke country ownership while categorically excluding upstream projects before their development merits are even assessed,” the U.S.
official said as the Trump Administration continues to pressure international institutions to drop ESG considerations and green policy agendas.
Since Donald Trump began his second term as U.S.
President in January 2025, the United States has threatened – several times –to quitthe International Energy Agency (IEA) if the organization, created in the aftermath of the 1970s Arab oil embargo, doesn’t return to forecasting energy demand without strongly promoting green energy.
Energy Secretary Chris Wright last monthsaidthat “We’re either going to reform the IEA or we will leave the IEA.
My strong preference is that we reform it.” Ship-to-Ship Oil Transfers Surge Off India’s West Coast Ship-to-Ship Oil Transfers Surge Off India’s West Coast What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge Strait of Hormuz Shipping Traffic Falls Further as Saudi Oil Flows Rise Macron Calls for Another Emergency Oil Release as Europe Loses Supply U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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