China's crude oil futures launched in March, with crude set for delivery in September, the first month which the Shanghai International Energy Exchange (INE) designated for deliveries in order to allow the contract to develop and accumulate volumes for physical delivery.

The deliverability, the volume, and smooth process will be key to China fulfilling its ambition to have the yuan-priced oil futures contract become a major crude benchmark on a global scale like the Brent and WTI benchmarks, analysts say.

The first such test will be next month, during which Chinese companies, including state-held majors, will deliver oil against the Chinese oil futures contract to storage facilities that are among the eight sites that the Shanghai exchange has approved for cargo delivery in the futures contract, according to Reuters' sources.