Shanghai International Energy Trading Center defines the significance of China's construction of crude oil futures market as follows: "China's promotion of crude oil futures market aims at providing enterprises with effective price risk management tools and 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's crude oil futures will help to form a benchmark price system that reflects the relationship between supply and demand in China and the Asia-Pacific oil market, optimize the allocation of oil resources through the market, and serve the real economy. Building a crude oil futures market is one of the important practices of opening up and internationalization of China's futures market. "
Establishing the pricing power of China's crude oil market
China has always been a big consumer of crude oil.
according to the data of BP World Energy Statistical Yearbook 217, in 216, there was not much difference between crude oil consumption and output in North America, Central and South America, Europe, Europe, Asia and Africa. The annual output in the Middle East is as high as 1.497 billion tons, while the consumption is only 418 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 1.557 billion tons.
as far as China is concerned, it is also the case that the production is far behind the consumption. As the sixth largest crude oil producer, China's crude oil production in 216 was 3,999 kilobarrels per day, while its consumption reached 12,381 kilobarrels per day, which made China the second largest crude oil consumer in the world after the United States.
But 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 trading price of crude oil futures has an increasing 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.
Promoting RMB internationalization
In the overall design idea of crude oil futures, it is clearly written that "RMB pricing", that is to say, whether facing domestic investors or overseas investors, crude oil futures are priced and settled in RMB.
at present, 12 international exchanges have launched crude oil futures, among which the most important crude oil contracts include three kinds, 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. The trading quotations of these three crude oil futures are all in US dollars.
After the crude oil futures in China are officially listed, Shanghai International Energy Exchange Center will also become the only place in the world where crude oil futures denominated in RMB are listed.