China's Energy Moves Under Scrutiny Amid Middle East Tensions

U.S. Treasury Secretary Scott Bessent criticized China for hoarding oil amid the Middle East conflict, reflecting earlier actions during COVID-19. He highlighted China's role in global energy instability and mentioned China's strategic petroleum reserve. Both the IMF and World Bank urged nations against hoarding to prevent further market shocks.

U.S. Treasury Secretary Scott Bessent expressed concerns on Tuesday about China's role as a global partner during the Middle East war, accusing it of hoarding oil and restricting exports, similar to its actions with medical supplies during the COVID-19 pandemic. Bessent mentioned discussions with Chinese officials on the matter.

Bessent emphasized stability and communication as key elements of U.S.-China relations, highlighting the strong connections between President Donald Trump and President Xi Jinping. However, he criticized China's actions during the U.S.-Israeli conflict with Iran, where oil prices surged by 50%, affecting supply chains.

Highlighting China's repeated unreliability, Bessent noted oil hoarding as the latest in a series of actions, including threats to curb rare earth exports. China maintains a significant strategic petroleum reserve but continues its purchasing spree, impacting global energy dynamics.