Conditions for China to seek oil pricing power

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Platts energy: conditions for China to seek oil pricing power Platts energy analysts recently pointed out that a flexible commercial inventory system, a mature legal system and a trading center in line with the international market are the necessary conditions for China to seek oil pricing power in the international market

in the face of increasing dependence on foreign oil and soaring international oil prices, whether China can obtain pricing power in the international market has become a common concern of all walks of life. Hua Dawei, senior director of Asia business development of Platts energy information, said at the Platts energy information China Petroleum seminar recently that to improve China's voice in oil pricing, we should start with establishing a flexible commercial inventory system and improving a mature and reliable legal system. In addition, it is necessary to establish a trading center in line with the international market

huadawei said that China's demand accounts for a high proportion of global oil demand and has a larger share in new demand. China will lead the marginal pricing power in the international oil market. The data shows that the current global oil demand is 85million barrels/day, with China accounting for 10% and the United States accounting for 22%. In terms of new demand, China's share is as high as 26%

at present, the growth of world oil demand is slowing down, and Asia is becoming the main driving force of oil demand growth. The latest forecast results of the International Energy Agency show that the growth rate of global oil demand in 2010 and 2011 was 2.2% and 1.5% respectively, and the proportion of Asian demand increment in global increment in 2010 and 2011 was 52.1% and 48.9% respectively

in contrast to the rising oil demand in Asia, the Asia Pacific region lacks benchmark crude oil for crude oil futures pricing. At present, there are three types of crude oil futures contracts with the largest trading volume and the most extensive influence in the world: Chicago traders can re analyze the data curve; Light and low sulfur crude oil of the commodity exchange, i.e. WTI futures contract, Brent futures contract of London International Petroleum Exchange and Dubai futures contract of Singapore International Financial Exchange

maiwenzhao, senior analyst of Platts energy information China market, pointed out that for China, which has assessed that Ni, Mn, Co, C plastic packaging accounts for an increasing proportion of u and Ag in the packaging industry, a diversified energy consumption structure is a direction to solve the growing oil demand

Platts energy information is the world's leading provider of energy and metal information. Founded in 1909, it is headquartered in New York and provides services to more than 10000 global customers in more than 150 countries and regions through 17 offices around the world

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