Chinese Oil Imports Have Grown to Account for 70 Percent of the Physical Delivery of Oil Traded on the Dubai Mercantile Exchange

Chinese oil companies' rapid switch of oil purchases from over the counter to exchange-based transactions has helped the eight-year-old Dubai Mercantile Exchange become a highly influential regional crude oil transaction center.

Within eight years, Chinese oil imports have grown to account for 70 percent of the physical delivery of oil traded on the Dubai-based DME, compared with about 40 percent three years ago.