Bessent says China has been unreliable partner by hoarding oil during war

China's massive strategic oil reserves, rivaling the entire IEA stockpile, are labeled an act of unreliability during global conflict. | Contesto: cronaca

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• Bessent says China has been unreliable partner by hoarding oil during war

Contesto

In a stark assessment of global energy security, prominent analyst Bessent has declared China an unreliable international partner, accusing it of hoarding oil during a period of active warfare. The charge centers on the revelation that China's strategic petroleum reserve is already comparable in size to the entire stockpile held by the 32-member International Energy Agency (IEA), a bloc of major energy-consuming nations. The scale of China's reserves, as cited, represents a profound shift in the global balance of energy preparedness. For decades, the IEA's collective reserve has been viewed as the primary buffer against severe supply disruptions, a tool for market stabilization to be deployed in coordination among member states. The fact that a single nation now reportedly holds a reserve of equivalent magnitude underscores China's rapid ascent as a dominant force in commodity markets and strategic resource management. This accumulation occurs against a backdrop of sustained geopolitical tension and conflict, which has repeatedly roiled global energy markets. The implicit criticism from Bessent suggests that instead of contributing to collective stability efforts, China has chosen to prioritize insulating its own economy, potentially at the expense of a coordinated international response to supply crises. The act of building such a vast reserve during wartime can be interpreted as a withdrawal from the informal norms of energy cooperation that have prevailed among major economies. The strategic implications are far-reaching. A reserve of this size grants Beijing significant leverage, not only in economic terms but also in diplomatic and strategic arenas. It provides a substantial cushion against sanctions or blockades and allows China to potentially weather price shocks that would cripple other industrial economies. Furthermore, it raises questions about the future relevance of the IEA's coordinated release mechanism if a non-member state holds a comparable stockpile but is under no obligation to participate in market-cooling actions. China's domestic energy policy has long emphasized security and self-sufficiency, driven by memories of past vulnerabilities and...

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Categoria: cronaca