On March 26, 2018, with the support of all market participants, China’s first

crude oil futures product was listed on the Shanghai International Energy 

Exchange (“INE” or the “Exchange”). Since then, China’s crude oil futures 

market has grown rapidly. In 2020, INE crude oil futures boasted a trading 

volume of 41,585,800 lots, a total turnover of RMB 11.96 trillion, and an endof-year open interest of 84,700 lots, with the largest monthly trading volume of 

5,677,100 lots recorded in May and the largest end-of-month open interest of 

178,000 lots in April.

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