At present, the price of crude oil in the international crude oil market is based on the standard oil in major regions of the world. According to the four major regions, there are mainly the following four pricing formulas:
WTI 1 (West Texas Intermediate Highway). All crude oil produced or sold by the United States to the United States is priced on this basis. Its main trading method is NYMEX exchange, the price changes all the time, and the trading is very active; Besides, there are over-the-counter transactions.
2. British North Sea light crude oil. About 80% crude oil in the world crude oil trade is priced with it as the benchmark oil, mainly including some Middle Eastern countries such as Northwest Europe, North Sea, Mediterranean, Africa and Yemen. Its main trading mode is IPE exchange, the price changes all the time, and the trading is very active; In addition, other derivatives are also traded over the counter.
3. Sour crude oil from Dubai and United Arab Emirates. Crude oil produced in oil-producing countries in the Middle East or sold to Asia from the Middle East is priced on this basis. Its main trading method is OTC trading or price difference trading with other standard oils.
4, the Far East market is divided into two ways:
Malaysian light crude oil. It is a typical crude oil that represents the price of light crude oil in Southeast Asia, and most of the light crude oil in Southeast Asia is priced based on it. Its main trading method is spread trading with other standard oils.
Indonesia official price. Indonesian crude oil and some crude oils from some countries in the Far East, such as the White Tiger in Vietnam and the anniversary of China, are all priced in this way.