Crude oil is priced dierently in Asia-Paciflc as compared with 

North America and Europe. In North America and Europe, the 

import price is based on the futures price of where the crude oil 

is consumed; in Asia-Paciflc, it is based on the spot price of the 

production area.

About 50 percent of the oil imported into China is from the Middle 

East, where medium sour oil predominates. Consequently, the 

crude oil futures contract listed by INE on March 26, 2018 sets 

medium sour crude oil as the deliverable. Following its launch, the 

contract has been an eective indicator of the local supply and 

demand situation. But before its introduction, oil importers in Asia 

were exposed to oil trade risks due to the lack of a sophisticated 

crude oil futures market in the region that could facilitate hedging 

and risk management.

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