I think this is a smart move to change from dolalr to oil.
The only risk is that someday in future, oil alternaitve is delvelopped or invented, Much cheaper than oil. At that time, the bought oil asset will suffer.
However, I don;t see that happen in near future.
Chain pay high price at this moment, however, the price will be even higher in futre.
All China bought is too little not too much.