U.S. Wants World Bank to Drop Ban on Upstream Oil and Gas Funding
oilprice.com · October 15, 2026 · Week 2026-42
Summary
The U.S. Treasury is formally calling on the World Bank to reverse its 2019 ban on financing upstream oil and gas projects. The move is framed as necessary to support energy access and economic growth in developing nations, particularly in Africa, and represents a significant pushback against ESG-driven policies in international financial institutions. This policy shift aligns with similar pressure the U.S. is exerting on the IEA to adopt a more 'technology-neutral' stance.
Strategic Implication
A reversal of the World Bank's upstream financing ban could unlock critical development capital for NOCs in North Africa and other non-GCC MENA states like Iraq and Pakistan, potentially accelerating new exploration and production projects.