The only thing that can make investing in oil reserves a good strategy is if the environnmental wingnuts succeed in slowing US oil production.
I was actually saying that with a little tongue in cheek.
I have no idea what the Chinese status/cost for storing reserves is...but they are becoming a major world power, and likely don’t want to be subjugated to the muzzies like the US was in 1973. So an ‘investment’ in oil reserves may have yields other than cash down the road.