Despite accusations from U.S. officials of oil hoarding, import and inventory data indicate that China itself is facing supply pressures. This suggests Beijing's energy strategy may be complicated by ongoing global conflicts.

Though high-level officials in Washington have accused China of undermining global energy security by “hoarding” oil during the US-Israeli war on Iran, import and inventory data suggest Beijing is facing its own supply pressures as the conflict drags on. US Treasury Secretary Scott Bessent on Tuesday labelled China an “unreliable global partner,” alleging that Beijing has prioritised stockpiling crude over easing global shortages triggered by the war, according to a Reuters report. He also...