Oil Benchmarks

JCC — pp. 1-18 2026-02-27 Original From Pricing Power to Autonomy: The Geopolitics of RMB-Denominated Oil Futures Benchmark Alexandru-Stefan Goghie Abstract This article examines China’s introduction of RMB-denominated crude oil futures as an instrument of financial statecraft aimed at reshaping the geopolitical foundations of global oil pricing. While Brent and WTI dominate price discovery through their deep embedding in dollar-based financial infrastructures, China seeks to cultivate pricing power by relocating benchmark formation to domestic institutions and an RMB-denominated contract. The paper argues that this initiative is not merely a market innovation, but a strategic effort to reduce structural dependence on USD-centered benchmarks, mitigate exposure to US financial jurisdiction, and enhance autonomy amid intensifying geopolitical rivalry. By analyzing the architecture, evolution, and international uptake of the Shanghai INE contract, the article shows that pricing power constitutes a crucial and underexplored dimension of contemporary Chinese statecraft.