Bessent calls for World Bank reforms, including upstream oil and gas financing

XLE•2026-10-15

U.S. Treasury Secretary Scott Bessent urged the World Bank to end its ban on financing upstream oil and gas projects, support deep-sea critical minerals mining and reform procurement. He also called for changes to World Bank borrowing and said the IMF should do more to address global imbalances.

1. World Bank proposals

Bessent called for the World Bank to take a technology-neutral approach to energy and remove constraints on oil and natural gas projects. The U.S. Treasury said it is making an initial contribution to a new World Bank-administered Nuclear Energy Assistance Trust Fund and urged the bank to support critical minerals mining, including deep-sea mining.

2. Borrowing and IMF changes

Bessent called for wealthier countries such as China and Poland to graduate faster from World Bank borrowing, and urged procurement reforms to increase competition and quality. He also said the IMF should strengthen its analysis of global imbalances, including the effects of non-market policies and exchange rates.