US officials claim China is ‘hoarding’ oil. What does the data say?

Though high-level officials in Washington have accused China of undermining global energy security by “hoarding” oil during the US-Israeli war on Iran, import and inventory data suggest Beijing is facing its own supply pressures as the conflict drags on.

US Treasury Secretary Scott Bessent on Tuesday labelled China an “unreliable global partner,” alleging that Beijing has prioritised stockpiling crude over easing global shortages triggered by the war, according to a Reuters report.

He also criticised Beijing for limiting exports of certain goods during the crisis.

In response, Liu Pengyu, a spokesperson for the Chinese embassy in Washington, said the global energy market’s current turmoil is rooted in “the tense situation in the Middle East”, and called for an immediate halt to military operations there, noting that China has been playing a “constructive role” in seeking an end to the conflict.

“Securing energy supplies is a rational act under the current circumstances, and also a matter of fair trade,” said Cui Shoujun, an international relations professor at Renmin University of China in Beijing.

By targeting China immediately following the US blockade of the Strait of Hormuz – a vital shipping artery partially under Tehran’s jurisdiction – Cui said Washington is attempting to “create new talking points to divert global attention” from its escalation.

“A blockade of Iranian ports has been fully implemented as US forces maintain maritime superiority in the Middle East,” US Central Command said in a statement on Wednesday, noting it has “completely halted” economic trade going into and out of Iran by sea.

South China Morning Post