Chinese crude oil futures facilitate physical delivery through 

crude stored in designated bonded oil depots, which are located 

in the coastal regions of China. Thus the China’s crude oil futures 

price should reect the CIF (i.e. cost, insurance and freight) China 

bonded port’s spot oil price.

For sellers intended to make delivery, the delivery price is the 

CIF price (from the origination) at bonded oil depots; and for 

buyers intending to take delivery, it is the FOB price (for the next 

shipping destination) at bonded oil depots. Take Oman crude as 

an example, the FOB price of Oman crude at the port of loading 

plus the applicable freight, insurance fee and other expenses for 

shipment to a Chinese port, and the applicable fees of port, dock 

and load-in after arrival at the Chinese port shall equal to the 

theoretical delivery price of Oman crude at a Chinese port.

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