The international oil price was once controlled by a multinational company named "Petroleum Seven Sisters"; Later, the Organization of Petroleum Exporting Countries (OPEC) was established, which broke the monopoly of these oligarchs and took the lead in pricing international crude oil. Later, the importing country also demanded that it happen, and the buyer-led United States also participated in the negotiation and determination of oil prices.

Extended data:

The pricing power of international oil price means that a country has enough right to speak when setting international oil price, that is, a country's ability to influence international oil price through policy adjustment. Have the pricing power of international oil price in the national economic development, and avoid falling into a passive situation. Since 2004, China has promoted the listing of PetroChina in the futures market, aiming at competing for oil pricing power, so as to improve the damage caused by international oil price fluctuations to China's economy.

The significance lies in:

Oil is not only a pure commodity, but also contains too many financial and political factors. Therefore, the oil problem is by no means a simple commodity problem, and the oil market is by no means a simple commodity market. Having the pricing power of oil price is of strategic significance to a country's economic development.

The diversification of oil pricing and trading currencies is an inevitable trend. China must establish the "market price" of oil trading and the oil financing strategy. China should encourage more enterprises to enter the international oil financial market, actively try RMB settlement, and gradually establish an oil futures market to effectively cope with oil price fluctuations.

So far, the financial market has become more and more developed, and the capital game has become the key to affect oil prices. The New York Mercantile Exchange crude oil futures, London Brent crude oil futures and Dubai crude oil futures have gradually become the "wind vane" of international oil prices.

China does not have a big voice in the international oil market, that is, it has no right to set international oil prices. With the intensification of international oil price changes, this kind of trouble has become more and more frequent in China's economic and social life. From the international experience, domestic oil prices in many developed countries are directly linked to international oil prices, but the frequent and large oil price fluctuations in the international market have little impact on the production and operation of their enterprises. One of the key points is that they have a series of hedging methods, including participating in futures oil trading.

China lacks a joint negotiation mechanism. Foreign joint negotiation mechanism has not been established in the fields of oil, steel and iron ore. Because of this, China often suffers because it has no right to speak in similar international markets. For example, Nippon Steel of Japan took the lead in reaching an iron ore price agreement with Rio Tinto, and then Hanpohang Steel accepted the contract price reached between Japan and Australia. Of course, the market mechanism of crude oil is different from other fields, which determines that oil negotiation is not only difficult, but also requires super wisdom.