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
20 June 2025
The scale of energy demand growth by 2030 and beyond asks huge questions of gas supply especially in the US
20 June 2025
The Emirati company is ramping up its overseas expansion programme, taking it into new geographic areas that challenge long-held assumptions about Gulf NOCs
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
