China's Energy Moves Under Scrutiny Amid Middle East Tensions

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.