Lead

High-level US officials have accused China of undermining global energy security by "hoarding" oil during the US-Israeli war on Iran, but import and inventory data suggest Beijing is facing its own supply pressures as the conflict drags on, according to a report by the South China Morning Post.

Coverage comparison

The accusation and China's response have been covered by outlets with different emphases. The South China Morning Post, an English-language Hong Kong publication, framed the issue within the broader context of US-China tensions over energy security and trade, noting that US Treasury Secretary Scott Bessent on Tuesday labelled China an "unreliable global partner," alleging that Beijing prioritised stockpiling crude over easing global shortages triggered by the war.

Meanwhile, Russia's state news agency TASS, citing Bloomberg, reported that the US presidential administration is considering control over the Iranian oil sector as a method of applying pressure on China in trade talks. The TASS report emphasised US strategy to weaken Chinese positions through operations in Venezuela and the Middle East, and noted that China, as a major oil importer, is exposed to navigation problems in the Strait of Hormuz.

Key claims

  • US accusation of hoarding: The US Treasury Secretary criticised China for limiting exports of certain goods during the crisis, according to a Reuters report cited by the South China Morning Post. The accusation was part of a broader critique that China has undermined global energy security.
  • China's 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.
  • China's supply pressures: Despite Washington's claims, import and inventory data suggest China is facing its own supply pressures due to the conflict. A single outlet reported that China has been preparing for such a scenario for years, building up its strategic reserves and developing its national energy sector.
  • Blockade of Strait of Hormuz: The US has implemented a blockade of the Strait of Hormuz, a vital shipping artery partially under Tehran's jurisdiction. "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, noting it has "completely halted" economic trade going into and out of Iran by sea.

Analysis

The dispute over oil stockpiling reflects deeper tensions in US-China relations, with energy security emerging as a new flashpoint. The US blockade of the Strait of Hormuz — a critical chokepoint for global oil shipments — has disrupted markets and heightened concerns in Beijing, which relies heavily on imported crude. While Washington accuses China of hoarding, data indicate that China, like other major importers, is grappling with supply disruptions. The exchange of accusations underscores how the war in the Middle East is reshaping global energy dynamics and complicating already strained US-China ties.