Treasury Secretary Scott Bessent has publicly branded China an “unreliable global partner” for the third time in five years, this time for hoarding oil during a Middle East war crisis that has sent global energy prices soaring by 50%.
Story Snapshot
- Bessent accuses China of hoarding oil supplies while limiting exports during ongoing Middle East conflict
- Treasury chief cites three instances of Chinese unreliability: COVID healthcare hoarding, 2025 rare earth threats, and current oil stockpiling
- Strait of Hormuz closure disrupts 20% of global oil flows as China continues building reserves equal to entire IEA stockpile
- Oil prices spike 50% amid war, yet Beijing prioritizes national reserves over global market stability
Third Strike Against Beijing’s Reliability
Treasury Secretary Scott Bessent addressed reporters in Washington on April 14, 2026, marking China’s latest failure as a cooperative international partner. Bessent revealed he has been keeping a running tally of Beijing’s self-serving actions during global crises, now totaling three major incidents over five years. The current accusation centers on China’s aggressive oil purchasing and stockpiling while simultaneously cutting exports, even as a Middle East war disrupts global energy supplies and prices surge to crisis levels.
Bessent Keeps Running Tally Of China As "Unreliable Global Partner" – Count Now Stands At Three https://t.co/3EqLkiXRFJ
— zerohedge (@zerohedge) April 16, 2026
Bessent’s criticism comes as conflict involving U.S.-Israeli operations in Iran has closed the Strait of Hormuz, a critical chokepoint carrying 20% of the world’s oil. Rather than helping stabilize global markets during the crisis, China has exploited the chaos to build strategic reserves. The Treasury Secretary noted he has raised these concerns directly with Chinese officials, though Beijing shows no signs of changing course. This pattern of behavior raises fundamental questions about whether China can be trusted as a partner when global stability hangs in the balance.
Pattern of Crisis Exploitation Emerges
Bessent’s tally begins with the COVID-19 pandemic, when China hoarded critical healthcare products and restricted exports while the world faced shortages of protective equipment and medical supplies. The second incident occurred in 2025, when Beijing threatened to curb rare earth exports—materials essential for electronics and defense systems—during escalating tech and mineral disputes. These rare earths remain critical to American manufacturing and national security, making China’s willingness to weaponize access particularly concerning for those who understand the vulnerabilities created by dependence on unreliable foreign suppliers.
The current oil hoarding represents an escalation in both scale and global impact. China’s strategic petroleum reserve now matches the combined reserves of all 32 member nations of the International Energy Agency, according to reports. During a war that has sent energy costs skyrocketing and threatens economic stability worldwide, Beijing continues purchasing oil for stockpiling rather than helping ease supply constraints. This behavior fits a troubling pattern: China prioritizes its own strategic advantage over international cooperation, precisely when global partnership matters most. For Americans already frustrated by decades of trade imbalances and broken promises from Beijing, this latest betrayal confirms longstanding suspicions about China’s true intentions.
Diplomatic Concerns Amid Summit Planning
The accusations arrive at a delicate diplomatic moment, with President Trump planning a visit to Beijing in mid-May 2026. Trump has maintained what he describes as a “very good working relationship” with Chinese President Xi Jinping, and administration officials hope this personal rapport can help navigate tensions. However, Bessent’s public criticism—coming from a senior cabinet member—signals that patience with Chinese behavior is wearing thin, even as diplomatic channels remain open. The Treasury Secretary declined to comment on whether the oil hoarding dispute might affect Trump’s planned summit.
The broader implications extend beyond bilateral relations between Washington and Beijing. American energy consumers face inflated costs at the pump, while businesses dependent on stable supply chains confront new disruptions. For citizens already struggling with the economic aftermath of years of inflationary policies and fiscal mismanagement, China’s actions add another burden. The situation underscores a reality that frustrates voters across the political spectrum: foreign powers exploit American openness and goodwill while our own government seems unable or unwilling to hold them accountable. Whether through COVID supplies, rare earth minerals, or oil reserves, China has repeatedly demonstrated it will put national interest above international responsibility—and Americans are left paying the price.
Sources:
Bessent says China has been unreliable partner by hoarding oil during war – The Japan Times