China seeks to solidify oil future
The successful launch of the long-awaited Shanghai oil futures contract showed it is gaining sway in global energy markets
After nearly six years of speculation, rumours and declared intentions, the Shanghai International Energy Exchange (INE) finally launched China's first-ever oil futures contract on 26 March. It comes at a crucial time for domestic oil demand. February inventory-adjusted demand was up 660,000 barrels a day year-on-year, while production averaged 3.76m b/d in January and February, according to the China State Statistics Bureau. That's down 130,000 b/d—or 3.4%—year-on-year, almost flat from December figures and level with August 2017's record lows. Those figures suggest that the Shanghai futures contract couldn't have been better timed: with the INE contract open to international market partici
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
