The reference price is not the specific transaction price of a crude oil at a specific time, but the price calculated by linking it with the spot price, futures price or the quotation of a quotation institution for a period of time before and after the transaction. Some crude oils use the quotation of this crude oil in a quotation system, which is used as the benchmark price after formula processing; Because there is no quotation, some crude oil has to be linked to the quotation of other crude oil. The kind of oil quoted in oil pricing is called benchmark oil. Different trading areas choose different benchmark oils. Export to or from Europe, basically choose Brent); Oil; North America mainly chooses West Texas Intermediate Oil (WTI); The Middle East exports Brent crude oil to Europe, West Texas Intermediate oil to North America and Oman, and Dubai crude oil to the Far East. The Middle East and Asia-Pacific region often use the combination of "benchmark oil" and "price index" for pricing, and both attach great importance to promotion and discount.
(1) European crude oil.
In Europe, the Brent crude oil market in the North Sea has developed earlier and is relatively perfect. Brent crude oil has both spot market and futures market. The market in this region is relatively mature, and Brent crude oil has become the benchmark oil for crude oil trading and export to this region. The region mainly includes: Northwest Europe, Beihai, Mediterranean, Africa and some Middle Eastern countries (such as Yemen). Its main trading mode is the International Petroleum Exchange (IPE), where prices change all the time and trading is very active. In addition, other derivatives are also traded over the counter. The spot price of Brent crude oil is divided into two types: spot Brent spot price (forward Brent) and forward Brent spot price (15 Brent). The former is the price of the specified goods within the specified time range; The latter refers to the delivery price with a specified delivery month, but the specific trading time has not been determined. The seller shall inform the buyer of the specific trading time at least 15 days in advance.
(2) North American crude oil.
Like the European crude oil market, the crude oil markets in the United States and Canada are relatively mature. The main trading method is the New York Mercantile Exchange (NYMEX), and the price changes all the time, including active trading and over-the-counter trading. The pricing of some crude oil traded or exported in this area mainly refers to West Texas Intermediate (WTI). For example, Ecuador exported crude oil to the eastern United States and the Gulf of Mexico, and Saudi Arabia exported Arabian light oil, Arabian intermediate oil, Arabian heavy oil and Berry ultra-light oil to the United States.
(3) Middle East crude oil.
The crude oil in the Middle East is mainly exported to North America, Western Europe and the Far East. The benchmark crude oil referenced in its pricing usually depends on its crude oil export market. There are two pricing methods for exporting oil from oil-producing countries in the Middle East: one is linked to its benchmark oil; The other is the price index published by the exporting countries themselves, which is called "official selling price index" (OSP for short) in the oil industry. The crude oil price index published by Oman Ministry of Petroleum and Minerals is MPM, the price index published by Qatar National Oil Company is QGPC (including Qatar onshore and offshore crude oil prices), and Abu Dhabi National Oil Company is ADNOC. These price indices are published once a month, and they are all retrospective prices. The price indices of QGPC and ADNOC are basically determined with reference to MPM index. After OPEC abandoned the fixed price of 1986, the official price index appeared. At present, many oil spot transactions in Asian markets are linked to OSP prices. From the pricing mechanism of OSP, we can see that the above three price indexes are greatly influenced by the host government, including the government's judgment on market trends and corresponding countermeasures.
(4) Asia-Pacific crude oil.
In Asia, in addition to Platts and argus, the Asian oil price index (APPI), Indonesian crude oil price index (ICP), OSP index and Far East oil price index (FEOP) developed in recent two years also have an important impact on crude oil pricing in various countries. The pricing methods in long-term crude oil sales contracts are mainly divided into two categories: one is based on the Indonesian crude oil price index or the Asian oil price index of a certain crude oil in Indonesia, plus or minus the adjustment price; The other is the Asian oil price index based on Malaysian Tapitz crude oil, plus or minus the adjustment price. For example, white tiger oil in Vietnam, its pricing formula is the price index of Minas crude oil in Indonesia and Asian crude oil plus or minus the adjustment price; Australia and Papua New Guinea export crude oil, and its pricing formula is based on the Asian oil price index of Malaysian Tapiz crude oil; The pricing of crude oil exported from Daqing, China is based on the average of Indonesian crude oil price index and Asian oil price index of Indonesian Minas crude oil and Thaksin crude oil. The crude oil exported by China Offshore Oil Company refers to both the Asian oil price index and the OSP price index.
Relatively speaking, the development history of international refined oil market is shorter than that of crude oil market, and the internationalization degree of pricing method is relatively low. At present, there are three major refined oil markets in the world, namely Rotterdam in the Netherlands in Europe, new york in the United States and Singapore in Asia. The international trade of refined oil products in various regions is mainly based on the local market price. In addition, the recently developed Tokyo market in Japan also has certain reference significance for the trade in the Far East market. With the increasingly active trading of spot and futures markets of refined oil in Singapore, the pricing of refined oil in almost all countries in the Far East mainly refers to the price of refined oil in Singapore.