Among oil futures contracts, crude oil futures is the most traded variety. At present, there are three kinds of crude oil futures contracts with the largest trading volume and the widest influence in the world: WTI (West Texas Intermediate) futures contract for light and low sulfur crude oil in the New York Mercantile Exchange, Brent (Brent crude oil in the North Sea) futures contract for London International Petroleum Exchange (ICE) and Dubai (Dubai crude oil) futures contract for COMEX.
Other refined oil futures products include distillate oil, unleaded gasoline, gas oil, heating oil, fuel oil and light diesel oil.
International crude oil physical transaction mainly adopts the pricing method of benchmark price+/-discount, and futures trading prices such as WTI, Brent and Dubai are often used as benchmark prices. Take CME's WTI futures contract as an example, its specification is 1000 barrels per lot, the quotation unit is USD/barrel, and the minimum price fluctuation unit is 1 cent. At present, the crude oil produced in the Western Hemisphere is mainly priced by WTI, including ANS (Alaska North Slope Crude Oil) in the United States, MAYA (Maya Crude Oil) in Mexico, orinte (Aurieth Crude Oil) in Ecuador, SANTABARBARA (Santa Barbara Crude Oil) in Venezuela and ESCALANTE (Klandt Crude Oil) in Argentina. Brent is mainly linked to crude oil produced in Western Europe, the Mediterranean and West Africa, such as Urals (Urals crude oil) in Russia, Salil (Salil crude oil) in Libya and Bunny (Bunny light crude oil) in Nigeria. Dubai is mainly related to crude oil produced in the Middle East. The crude oil trade produced in the Far East is mainly linked to the benchmark oil in MINAS, CINTA, DURI and other regions.
According to the data of American Oil and Gas magazine, by the end of 2007, the global proven remaining recoverable reserves of oil were1824.24 million tons, up by 1. 1% year-on-year, and the reserve-production ratio was 50.4 years. Saudi Arabia has the largest proven recoverable reserves in the world, reaching 365.438 billion tons, accounting for about 20% of the world, with a reserve-production ratio of 84 years. In 2007, the global crude oil output was 361.800 million tons, and the top five oil producers were Russia, Saudi Arabia, the United States, Iran and China.
As of June 2002, 65438+ 10 1, the estimated proven oil reserves in the world are1413.09 million tons, and Saudi Arabia ranks first in the world. In 20001year, the global crude oil output was 365,438+800 million tons, and the top five were Russia, Saudi Arabia, the United States, China and Norway. Among them, the output of Russian and China increased by 9% and 1.8% respectively. Russia replaced Saudi Arabia as the world's largest oil producer from the second place last year, while China rose to the fourth place from the fifth place last year. Oil is the "blood of industrial production" and an important strategic material. In order to safeguard their own interests, the world oil-producing countries established the Organization of Petroleum Exporting Countries (OPEC) in September of 1960. 13 member countries: Iraq, Iran, Kuwait, Saudi Arabia, Venezuela, Algeria, Ecuador, Canada, Indonesia, Libya and Nigeria. Headquartered in Vienna, Austria. The oil reserves of the Organization of Petroleum Exporting Countries recently reached 1. 1.33 billion tons, accounting for nearly 80% of the world's total reserves.
China's oil demand is growing rapidly. Since 1993, it has become a net importer of oil. At present, it imports more than 70 million tons of crude oil every year and spends nearly 20 billion US dollars. The year before last, billions of dollars were overpaid because of the rise in international oil prices. At present, China's oil supply, 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 them, the former Shanghai Petroleum Exchange has the largest trading volume and relatively standardized operation, accounting for about 70% of the national oil futures market share. Its standard futures contracts mainly include Daqing crude oil, 90# gasoline, 0# 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.