China's oil reserves increase

BEIJING - China's national oil reserves rose to 33.25 million tons in mid-2016, official data showed Friday.

The figure represented 4-percent growth from 32 million tons at the start of 2016, said a statement by the National Bureau of Statistics (NBS).

The oil is at nine strategic storage bases and some corporate facilities, it added.

China's state strategic oil reserve program was launched in 2004 to offset supply risks and reduce the impact of fluctuating prices on the domestic market.