Today, we are focused on China and its oil market. How has their oil sector developed over the last 50 years? Who are the teapot refiners? And how is the market now structured in the wake of COVID, sanctions and the EV revolution? How consequential is China now to global crude pricing and market dynamics?
Speaking to our host Paul Chapman on this episode is Tom Reed, Vice President of China Crude at Argus Media, the independent price reporting agency. Tom has spent a career watching China, understanding the details from this very opaque but consequential market.

Key Talent Takeaways
Trading Talent Must Combine Commercial Agility with Geopolitical Acumen
The complexity of China’s oil sourcing demands traders who combine commercial agility with a deep understanding of geopolitics, sanctions, and shifting arbitrage flows. Talent strategies should prioritise individuals who can think across markets and policy environments.
China Market Expertise Is a Differentiator
As China plays a significant role in crude pricing, firms require professionals with a working knowledge of its refining structure, quota systems, and state-private sector dynamics. Domain fluency in China is fast becoming a strategic hiring edge.
Energy Transition Skills Are Essential
With China’s EV boom reducing road fuel demand, the sector requires talent that can model demand shifts, understand substitution impacts, and bridge fossil fuels with emerging clean energy trends—particularly in roles related to trading, strategy, and planning.
Compliance Talent Is Now Front Office
Increased scrutiny on tax, quotas, and sanctions post-COVID means compliance and regulatory experts are critical. Firms must elevate compliance roles and recruit professionals who can manage cross-border risk with commercial awareness.
Leaders Must Navigate Complexity
The China-oil story is defined by volatility, policy shifts, and competing agendas. Future leaders need to be globally minded, analytically sharp, and comfortable operating in uncertain, fast-evolving market environments.
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