China launches crude oil futures exchange

China is widely considered as the de facto price-setter for most commodities including iron ore, coal, base metals and, most recently, LNG. Crude oil has been an exception so far, as crude oil prices have been influenced more by suppliers – buyers like China have generally been price-takers. Will the start of the new Shanghai crude oil futures exchange bring a change? China is making clear its ambitions to play an influential role in global crude oil prices, as its crude oil imports are expected to grow by 30% in the next six years.