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China's Oil Hoarding Claims: Data Shows Beijing Faces Supply Pressures Amid War
🇨🇳 China /Economy & Trade

China's Oil Hoarding Claims: Data Shows Beijing Faces Supply Pressures Amid War

From South China Morning Post · (23h ago) English Mixed tone

Translated from English, summarized and contextualized by DistantNews.

TLDR

  • US officials accuse China of hoarding oil and undermining global energy security amid the war on Iran.
  • Data suggests China faces its own supply pressures, while Beijing calls for an end to Middle East military operations.
  • The US claims to have halted economic trade into and out of Iran by sea.

The South China Morning Post, a prominent voice in Hong Kong and a window into mainland China's perspectives, examines the accusations leveled by US officials against China regarding oil 'hoarding.' While Washington, particularly through Treasury Secretary Scott Bessent, alleges Beijing is prioritizing stockpiling crude over alleviating global shortages exacerbated by the war on Iran, import and inventory data present a more nuanced picture. The article suggests that China itself is grappling with significant supply pressures as the conflict escalates.

Beijing has prioritised stockpiling crude over easing global shortages triggered by the war.

— Scott BessentUS Treasury Secretary Scott Bessent's accusation against China regarding its oil policies.

Beijing's response, articulated by Chinese embassy spokesperson Liu Pengyu, firmly places the blame for the global energy market's turmoil on the 'tense situation in the Middle East' and calls for an immediate cessation of hostilities. China asserts it has been playing a 'constructive role' in seeking a resolution. Professor Cui Shoujun of Renmin University of China argues that securing energy supplies is a 'rational act' under current circumstances and a matter of 'fair trade.' He posits that Washington's immediate targeting of China, following the US blockade of the Strait of Hormuz, is a strategic maneuver to 'create new talking points to divert global attention' from its own actions.

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.

— Liu PengyuSpokesperson for the Chinese embassy in Washington, responding to US accusations.

From a Chinese perspective, the US accusations appear as a politically motivated attempt to shift blame and distract from its own role in escalating regional tensions and disrupting global trade. The narrative presented by US officials ignores the complex realities of the international energy market and China's own vulnerabilities. While the US Central Command claims a complete halt to maritime trade with Iran, China emphasizes its commitment to constructive diplomacy and fair trade practices, positioning itself as a responsible global actor navigating a crisis largely instigated by others. This divergence highlights a fundamental disagreement on the causes of the energy crisis and the responsibilities of major global powers.

Securing energy supplies is a rational act under the current circumstances, and also a matter of fair trade.

— Cui ShoujunInternational relations professor at Renmin University of China, commenting on China's energy policy.
DistantNews Editorial

Originally published by South China Morning Post in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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