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
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
