In The Formation Of A More Liberalised Oil Price In The Asia Pacific: The Role, Challenge And Strategy Of Futures

Petroleum is the most essential energy resource is the world, a s at the end of 2012, crude oil import dependence rate has reached57% domestically, and "Asian Premium" exists in the price that mo st Asian oil consuming countries are paying to the Middle-Easternoi l producing countries, hence, the construction of crude oil futures m arket plays a critical role in determining whether or not Asia Pacifi c oil price could become more liberalised.This essay embarks with international oil pricing and trade syst em, through explorations and analyses of the causes of formation of trade system and the trading patterns, this essay discusses the chang e in global pricing mechanisms and the fundamentals of pricing.Next, we explore the Asian crude oil pricing mechanism, this consists of four aspects, and they are the Asian crude oil market, t he pricing mechanism of oil products, the Singapore Physical and P aper Market trades, and the pricing mechanism of domestic oil prod ucts.An analysis on current production and consumption of Chinese crude oil follows, this includes import and consumption of domestic petroleum, exploration and extraction of crude oil, trade, trading pat tern of regional refineries and policy bottleneck, also, substitution w ith unconventional raw materials, through these five dimensions, we assess the future development pathway and current bottleneck of do mestic petroleum industry.Finally, with integration to the current designing concepts of d omestic crude oil futures by the Shanghai Futures Exchange(SHFE),and through the examination of problems on the "Asian Premium", this essay elaborates the possible difficulties and the future strategic prospects facing crude oil futures.