China's oil demand is growing rapidly. Since 1993, it has become a net importer of oil, importing more than 70 million tons of crude oil every year and spending nearly 20 billion US dollars. The year before last, due to the rising international oil price, it paid billions of dollars more. China's oil supply and demand and price are increasingly dependent on foreign resources, and the risks it bears are also increasing. Domestic enterprises have a high voice for resuming oil futures trading. In fact, China has made a successful exploration in the field of oil futures. At the beginning of 1993, the former Shanghai Petroleum Exchange successfully launched oil futures trading. Later, the former South China Commodity Futures Exchange, the former Beijing Petroleum Exchange and the former Beijing Commodity Exchange successively launched oil futures contracts, among which the former Shanghai Petroleum Exchange had the largest trading volume and relatively standardized operation, accounting for about 70% of China's oil futures market share. Its standard futures contracts mainly include Daqing crude oil, 90# gasoline, 250# diesel oil and 250 # fuel oil. By the beginning of 1994, the daily average trading volume of the former Shanghai Petroleum Exchange had surpassed that of the Singapore International Financial Exchange (SIMEX), the third largest energy futures market in the world, which had a great impact at home and abroad. China's successful practice in the field of oil futures in the past provides valuable experience for future oil futures trading.