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Scott Bessent: “Oil was going to China. They were going to consume it…”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz

Published March 16, 2026 | Video Starts at 07:15

And again it is a short term window for oil on the water. We believe that they consume very quickly. And the other important thing to know is that Oil was going to China. They were going to consume it anyway. It was just backed up. And so by unsanctioning it it can go to Malaysia, Singapore, India. The Indians have bought quite a bit. (07:15–07:20)

CLAIM

Asserts that China was already set to consume the oil that was backed up.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Scott Bessent

“Iran was the head of the snake for global terrorism everywhere, whether it was through their proxies or, you know, there were Iranian guard…”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 01:08-01:23
“We gave a 30 day waiver for Russian oil that was already on the water. It was about 130 million barrels.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 04:26-04:35
“There was about 20 million a day coming out of the Gulf. That 1.5 of that is the Iranian oil.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 04:45-04:52
“The global spro release largest ever was 400 million barrels.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 06:00-06:06
“President Trump has made it clear that his goal is to degrade and destroy the capabilities, the military capabilities of the regime to…”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 00:33-00:52
“We know exactly who we are fighting against.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 02:12-02:15
“The previous ayatollah did not want his son to become the Ayatollah. He left written instructions and they overrode him.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 02:36-02:45
“We believe that the current Ayatollah is injured. We don't know to what extent and maybe Incapacitated.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 02:44-02:54
“We are seeing more and more the fuel ships start to go through. The Iranian ships have been getting out already and we've let that happen to…”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 03:40-03:52
“The Saudis and UAE have diverted the production into the Red Sea.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 04:55-05:04
“The deficit is about 10 or 14 and that's before any of the ships are coming out of the straits.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 05:29-05:37
“It costs him about 2, 2 billion dollars a day to run the government.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 06:51-06:58
“The Indians have bought quite a bit [of oil].”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 07:26-07:29
“Oil from the Gulf does in fact go to Asia.”
Treasury Secretary Bessent: U.S. is allowing Iranian tankers through Strait of Hormuz | Uploaded March 16, 2026 | 07:35-07:39