Treasury Secretary Scott Bessent has publicly branded China an “unreliable global partner” for the third time in five years, this time accusing Beijing of hoarding oil during a Middle East war that has sent energy prices soaring by 50 percent.
Story Snapshot
- Bessent accuses China of hoarding oil supplies amid Middle East conflict that closed the Strait of Hormuz
- Treasury Secretary maintains “running tally” of Chinese unreliability, citing COVID-19 medical supply hoarding and 2025 rare earth threats
- China’s strategic petroleum reserve now matches entire IEA stockpile while Beijing cuts exports during crisis
- Oil prices spiked 50 percent as war disrupts 20 percent of global supply through Hormuz closure
Treasury Secretary Documents Pattern of Chinese Behavior
Treasury Secretary Scott Bessent told reporters in Washington on April 14, 2026, that China has demonstrated unreliability as a global partner three times over the past five years. The latest incident involves Beijing hoarding oil and limiting exports during an ongoing Middle East war involving U.S.-Israeli operations in Iran. Bessent revealed he has discussed these concerns directly with Chinese officials, though he declined to specify whether the accusations would impact President Trump’s planned mid-May visit to Beijing.
Bessent Keeps Running Tally Of China As "Unreliable Global Partner" – Count Now Stands At Three https://t.co/3EqLkiXRFJ
— zerohedge (@zerohedge) April 16, 2026
Crisis Hoarding Mirrors COVID-19 Medical Supply Tactics
The Treasury Secretary’s indictment draws direct parallels to China’s behavior during the COVID-19 pandemic, when Beijing restricted exports of critical healthcare products while stockpiling supplies domestically. In 2025, China threatened to curb rare earth exports, materials essential for electronics and defense manufacturing. This pattern reveals a troubling strategy: Beijing prioritizes its own strategic reserves over global stability during international crises, regardless of the human or economic cost to other nations.
Strategic Oil Reserves Expose Beijing’s True Priorities
China’s strategic petroleum reserve has grown to match the combined stockpile of all 32 International Energy Agency member nations. Despite holding these massive reserves, Beijing continues purchasing and stockpiling oil while the Strait of Hormuz remains closed, carrying 20 percent of global oil flows. The closure triggered a 50 percent spike in oil prices, devastating consumers worldwide. China’s simultaneous export restrictions exacerbate supply chain disruptions at the worst possible moment, undermining any pretense of responsible global partnership.
Economic Warfare Disguised as Energy Security
Beijing’s actions constitute more than simple market opportunism; they represent calculated economic warfare that exploits global crises for strategic advantage. By hoarding resources during wartime disruptions, China forces allied nations to compete for dwindling supplies at inflated prices while strengthening its own position. This behavior pattern across healthcare products, rare earth minerals, and now oil demonstrates systematic exploitation of international emergencies. American workers and families bear the direct cost through higher energy bills and economic instability caused by China’s self-serving policies.
The Trump administration faces a delicate diplomatic challenge as the President maintains what he describes as a “very good working relationship” with Chinese President Xi Jinping. However, Bessent’s public accounting of Chinese unreliability signals growing frustration within the administration over Beijing’s pattern of prioritizing national interests over global cooperation during critical moments. The upcoming Trump-Xi summit will test whether diplomatic rapport can overcome fundamental disagreements about responsible international conduct and resource management during crises.
Sources:
Bessent says China has been unreliable partner by hoarding oil during war – The Japan Times
