Refiners asked to store more crude

China's top economic planner has, for the first time, set a minimum level of national crude reserves for domestic oil companies, in a move to increase the country's energy security in light of its increasing reliance on imports.

Crude oil stockpiles should be increased to a level able to sustain no less than 15 days of processing volume, according to a statement on new guidelines posted on the National Development and Reform Commission's website on Wednesday.

China's oil demand has continued to increase year-on-year, as has its dependence on imports, according to the statement, but a potential gap in supplies still exists.