US Treasury Secretary Criticizes China as Unreliable Partner for Wartime Oil Hoarding and Export Restrictions

WASHINGTON (CNA) – U.S. Treasury Secretary Bessent said today that China, by hoarding oil supplies and restricting exports of certain goods during the Middle East war, is an unreliable global partner, exhibiting a pattern of behavior similar to its hoarding of medical supplies during the COVID-19 pandemic.

Reuters reported that Bessent (Scott Bessent) told the media that he had discussed related issues with Chinese officials. When asked whether the dispute would affect U.S. President Trump's plan to visit Beijing in mid-May, Bessent did not directly answer, only stating that Trump and Chinese President Xi Jinping maintain a very good working relationship.

He said: "I think the message of this visit is stability. Our relationship has been very stable since last summer; this stability is driven from the top down. I think the key is communication."

However, Bessent criticized China's actions during the Middle East war. The U.S. and Israel went to war with Iran on February 28, causing oil prices to surge by 50% and disrupting supply chains.

Bessent said: "In the past five years, China has been an unreliable global partner three times, once during the COVID (2019 coronavirus disease) pandemic, when they hoarded medical supplies, and the second time with rare earths." He was referring to Beijing's threat last year to restrict rare earth exports.

He said that after Iran blockaded the Strait of Hormuz, which carries 20% of the world's oil shipments, China not only did not help alleviate the global supply shortage but also hoarded more oil.

China already possesses strategic oil reserves equivalent to the total reserves of the 32 member countries of the International Energy Agency, but China continues to purchase oil. Bessent said: "They continue to buy oil, they have been hoarding, and they have also cut off exports of many products."

The Chinese Embassy in Washington has not yet commented on this.

The International Monetary Fund (IMF), the World Bank, and the International Energy Agency yesterday urged countries to avoid hoarding energy supplies and imposing export controls, so as not to exacerbate what they called the biggest shock to the global energy market ever, but did not name specific countries. (Compiled by: Chang Hsiao-wen) 1150415

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