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China becoming price maker for crude oil in Asian physical market

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Riding on China's growth of the past decade, which has seen it become a top crude importer and a large exporter of refined products, PetroChina (above) and Sinopec have evolved from being passive oil importers to sophisticated traders of crude oil and refined fuels.

Singapore

CHINA'S growing ability to buy and sell millions of barrels of crude oil on the Asian physical market in a matter of minutes through its main trading firms has given China so much clout that other traders are often forced to follow its agreed prices.

Leading Chinese oil