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Secretary Chris Wright Discusses Unsanctioned Iranian Oil and Market Supply on Fox Business

March 20, 2026 · U.S. Department of Energy · 0:14:14

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What happened

Maria Bartiromo asked Energy Secretary Chris Wright about Treasury Secretary Scott Bessent’s statement that the U.S. might in the coming days unsanction Iranian oil sitting on the water. Wright said most of that oil would be absorbed in the next 30 to 45 days: there were over 100 million barrels in crude tankers on their way or floating waiting to unload in China, oil that would be sold and show up in China, he said. Because China had not been releasing strategic petroleum reserves and had banned exports of diesel, gasoline, and jet fuel to its Asian neighbors, unsanctioning would let those barrels flow to India, Vietnam, Indonesia, or elsewhere to be refined and supply needed products in Asia, according to Wright.

On timing, Wright said that with unsanctioning the oil would start arriving at ports within days — three or four days — and, since most refineries are near ports, would become usable supply pretty quickly, as he stated it. He said the market had seen the United States would be pragmatic, filling the interruption of flows outside the Persian Gulf from strategic petroleum reserves, from floating barrels lined up for China, and from growing U.S. and Western Hemisphere production — so, he argued, despite interruptions from the Strait of Hormuz, the world has a lot of oil today, according to the interview.

Wright also said he had met with oil executives at the White House the previous day, and the interview continued into what came out of that meeting, as the broadcast reported.

Why it matters

The interview explains the administration’s pragmatic supply strategy during the Hormuz interruption: temporarily unsanctioning floating Iranian barrels so they reach Asian refiners other than China, alongside reserve releases and production growth.

Scoreboard watch

Scoreboard watch: Wright’s March 20, 2026 timeline — unsanctioned Iranian oil reaching ports within three or four days and the roughly 100 million floating barrels absorbed within 30 to 45 days, as he stated it — is a dated, checkable claim flagged for the scoreboard editor.

Sources: U.S. Department of Energy, “Secretary Wright Joins Maria Bartiromo on Fox Business - March 20, 2026”, 2026-03-20 (official upload, embedded above; published 2026-03-20). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.