During the past decade China has emerged as one of the most important forces in the global oil market, vying with the US this year to be the world’s biggest importer of crude.
Now Beijing wants a bigger role in pricing the barrels it buys, using its growing muscle to pull power away from traders and exchanges in New York and London.
The Shanghai International Energy Exchange, known as the INE , aims to launch its first international crude oil contract this year, in a move it hopes will eventually establish an Asian benchmark for oil deals.
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