China's Controversial Oil Maneuver: A Global Implication

U.S. Treasury Secretary Scott Bessent criticized China on Tuesday for hoarding oil supplies during the Middle East war, comparing this to its actions during the COVID-19 pandemic when it limited exports of medical goods. Bessent discussed the issue with Chinese officials but avoided questions about its impact on U.S. President Donald Trump's planned visit to Beijing, emphasizing the stable relationship between Trump and China's Xi Jinping.

Despite highlighting stable U.S.-China relations since last summer, Bessent condemned China's unreliability, citing its behavior during critical global events, including hoarding healthcare products during COVID and threatening to curb rare earth exports. Current oil stockpiling by China amid Iran's strait closure exacerbates global demand shortages.

The International Monetary Fund, World Bank, and International Energy Agency urged countries against hoarding energy supplies and enforcing export controls to avoid exacerbating the global energy market shock. The U.S. military's blockade of Iranian ports aims to prevent Chinese ships from obtaining Iranian oil, crucial to China's oil imports, complicating global supply dynamics.