Shanghai International Energy Trading Center defines the significance of building a crude oil futures market in China as: "China promotes the crude oil futures market, aiming at providing effective price risk management tools for enterprises and providing risk barriers for their sustainable operation. In addition, although there are mature crude oil futures markets in Europe and America, its price is difficult to objectively and comprehensively reflect the relationship between supply and demand in the Asia-Pacific region. The introduction of China crude oil futures will help to form a benchmark price system that reflects the relationship between supply and demand in China and Asia-Pacific oil markets, optimize the allocation of oil resources through the market, and serve the real economy. The establishment of crude oil futures market is one of the important practices in the opening and internationalization of China futures market. "

Establish China's pricing power in the crude oil market.

China has always been a big consumer of crude oil.

According to the data of BP's World Energy Statistical Yearbook 20 17, the crude oil consumption and output in North America, Central and South America, Europe, Eurasia and Africa have little difference in 20 16. The annual output in the Middle East is as high as 65.438+49.7 million tons, while the consumption is only 46.5438+800 million tons. The Asia-Pacific region is completely opposite to the Middle East, with an annual output of 383 million tons and a consumption of 65.438+55.7 million tons.

Specific to the situation in China, production is far behind consumption. China, as the sixth largest crude oil producer, produced 3,999 kilobarrels per day in 20 16, while its consumption reached 1238 1 kilobarrels per day, making China the second largest crude oil consumer in the world after the United States.

However, in China's futures market, crude oil futures contracts are still blank. On the contrary, fuel oil, a product in the crude oil processing industry chain, has a futures contract listed on the Shanghai Futures Exchange, but the turnover is very small.

Crude oil is known as "the blood of industry". The change of crude oil price can even affect the fluctuation of the world economy, and the change of crude oil futures trading price has more and more influence on the spot market of crude oil. Under the huge consumer demand, it is of great significance for China to launch its own crude oil futures contract.

Promote the internationalization of RMB

In the overall design idea of crude oil futures, "RMB pricing" is clearly written, that is to say, whether facing domestic investors or overseas investors, crude oil futures are priced and settled in RMB.

At present, there are all 12 international transactions offering crude oil futures, among which there are three main crude oil contracts, namely Brent crude oil listed on the Intercontinental Exchange, WTI crude oil listed on the Chicago Mercantile Exchange and Oman crude oil listed on the Dubai Mercantile Exchange. These three crude oil futures are all quoted in US dollars.

After China crude oil futures are officially listed, Shanghai International Energy Trading Center will also become the only place in the world where crude oil futures denominated in RMB are listed.