China has enough oil in its strategic reserves to cover one month's consumption. That's according to Wang Qingyun, head of the State Bureau of Material Reserves under the National Development and Reform Commission.

He says the oil reserves are three quarters crude oil, and a quarter oil products. According to the stock requirements for International Energy Association member countries, crude oil holdings should be equivalent to 90 days of net petroleum imports. Wang says China is working towards that.

He also says China will build up reserves when it determines there is a necessity to do so. And and that stockpiling has little correlation with prices. China has now completed construction of its first phase of oil reserves. The second phase has not yet begun, because relevant regulators are still deciding on the location.