Refined oil pricing to choose decentralized mechanism for the crude oil futures market to get rid of obstacles

Updated: October 20, 2015  Views: 20

Social business Oct. 20 hearing

Crude oil market road is coming. October 15, the State Council issued Several Opinions >> << on promoting the reform of the price mechanism (hereinafter << opinions >>), proposes to choose the liberalization of oil prices Analysts believe that, with the the operating system, the refined oil industry will form a market competition mechanism, the supply and demand relationship has become a major factor affecting prices of refined oil products market speed, and further to eliminate institutional obstacles crude oil futures market.

As of the first half of 2015, China has become the world's largest crude oil importing country and the country of use, however, the right to speak our country in the international crude oil market is still not high. Commission [microblogging] at the end of 2014 has been approved by the Shanghai International Energy Trading Center choose to carry crude oil futures, one of the purposes is to issue a Chinese voice in the international crude oil pricing aspect. Since last year, China has announced the number of crude oil reserves, the right to import crude oil release and use of the right to non-state trading enterprises, to carry out the upstream oil industry market reform, but also to pave the way for the crude oil futures market.

The latest change is the price reform. NDRC new refined oil pricing mechanism has been implemented more than two and half years, the industry believes that the current domestic oil prices with international oil prices in general, the dollar exchange rate and other changes occur, and is still the way government pricing, market and a high degree of transparency, and not clearly reflect the supply and demand situation in the domestic market. It is in this direction of reform, << comments >> requirements, oil and other fields to promote price reform, price liberalization competitive aspects.

Business community energy branch oil analyst Luxing Jun told reporters, oil price liberalization will bring the whole industry chain oil release, first, will be conducive to rationalization of oil resources, reduce institutional factors lead to 'oil shortage' phenomenon the occurrence of Forced Second, to some extent, petrochemical enterprise reform, optimize the existing production and operation mode, and third, to reduce excess petrochemical production capacity, improve fuel quality, improve the international competitiveness of petrochemical enterprises, fourth, promote perfectly competitive market, to break the monopoly, the end consumer will be benefited.

'We have been a misunderstanding, that the market economy is the price liberalization, but before taking into account the price is also a factor, that market players. Would have to say that the pricing in the petroleum, petrochemical [microblogging], they are not willing to take , then later, prices have gone scolded, scolded also fell. there is no effective competition in the market pluralism, would not be able to conduct market allocation of resources. 'China Energy Research Society, energy efficiency investment committee deputy secretary-general says HanXiaoPing an interview with reporters Shangzheng Bao .

Other analysts believe that the current market environment, oil prices fully liberalized or fully market-oriented, it is difficult to achieve in the short term. But the market is an inevitable trend of development of the industry, it is expected to introduce more national follow-up to the implementation of policies to regulate refined oil market running order, do not breed more speculation after security price liberalization, vicious competition and other acts, endangering the stability of the oil market and healthy run.

Han Xiaoping also believes that price reform 'choose' mainly to see the next stage of reform is the case, the next month may be new oil and gas reform program will be launched next reform to see if the public infrastructure will become an independent company. Future reform on the middle and lower reaches will be liberalized to achieve investment diversification.

(Source: Shanghai Securities News)


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