Rafael Grossi, head of the International Atomic Energy Agency, is pitching to become the next UN Secretary-General with a plan to make the organization 'leaner' and eliminate redundant climate and development programs. The nuclear watchdog chief argues that too many UN agencies duplicate work and needs a 'more focused, right-sized organisation.'

Grossi, who has led the IAEA for nearly seven years through major conflicts including Ukraine, criticizes the UN's bloated structure. He specifically targets climate and development programs, claiming there's 'duplication, triplication and quadruplication' of functions. As one of five candidates to replace António Guterres, he faces questions about the UN's relevance amid Trump administration skepticism.

The UN faces existential challenges as the US withdraws from multiple treaties and funding. Grossi has backing from Argentina's president Javier Milei, a Trump ally, though he claims this won't hurt his candidacy. His experience managing nuclear issues in Ukraine and with Iran positions him as a pragmatist who deals directly with leaders regardless of diplomatic tensions.

Market context shows US crude reserves have fallen to 340.3mn barrels, the lowest since 1983, as the Iran conflict eases and oil prices dip below $4 a gallon. Trump rejected a $300bn Iran fund, signaling continued US skepticism toward multilateral initiatives.