U.S. Treasury Secretary Critiques China's Oil Hoarding Amid Middle East Conflict

On April 14, 2026, U.S. Treasury Secretary Scott Bessent publicly criticized China for its actions during the ongoing Middle East war, specifically accusing the country of hoarding oil supplies and limiting exports of various goods. Bessent's remarks came in the context of rising oil prices and supply chain disruptions caused by the conflict, particularly following Iran's closure of the Strait of Hormuz, a critical passage for global oil transport.

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The Middle East war has significantly affected global oil markets, with prices surging over 50% due to supply constraints. The U.S. military has initiated a blockade of ships leaving Iranian ports, further complicating the situation. Bessent highlighted that China's actions during this crisis mirror its previous behavior during the COVID-19 pandemic, when it was accused of hoarding medical supplies.

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Scott Bessent, as the U.S. Treasury Secretary, plays a crucial role in shaping U.S. economic policy and international relations. His comments reflect a broader concern within the U.S. government regarding China's reliability as a global partner. Bessent noted that despite these tensions, President Donald Trump and Chinese President Xi Jinping maintain a strong working relationship, emphasizing the importance of stability and communication.

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Bessent stated, "China has been an unreliable global partner; they have a strategic petroleum reserve of some 1.2-1.3 billion barrels." He criticized China for continuing to purchase oil while restricting exports of essential goods, which he believes poses a threat primarily to Asian countries. He also expressed uncertainty about whether these disputes would impact Trump's planned visit to Beijing, reiterating the need for stability in U.S.-China relations.

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While Bessent's statements reflect U.S. concerns, there is a lack of immediate response from the Chinese government regarding these accusations. The International Monetary Fund, World Bank, and International Energy Agency have urged countries to avoid hoarding energy supplies, indicating a broader international concern about the implications of such actions on global markets.

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There is a discrepancy regarding the extent of China's oil purchases, with Bessent noting that China buys over 90% of Iranian oil, which constitutes about 8% of its annual purchases. However, specific figures on how these actions are affecting global oil supply and prices remain unclear.

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• "I think the message for the visit is stability. We've had great stability in the relationship since last summer; that emanates from the top down." — Scott Bessent, U.S. Treasury Secretary

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• "China has been an unreliable global partner three times in the past five years; once during COVID, second on rare earth." — Scott Bessent, U.S. Treasury Secretary

Bessent says China hoarding oil, limiting exports during Mideast war By Investing.com

• "So they're not going to be able to get their oil. They can get oil. Not Iranian oil." — Scott Bessent, U.S. Treasury Secretary

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This situation underscores the complexities of U.S.-China relations amid a volatile global landscape, particularly concerning energy security and international trade.

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