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PetroChina competes for oil pricing power

it is widely believed that the expansion of PetroChina in international trade will have a positive significance for improving China's voice in oil pricing

in fact, the domestic debate on oil pricing power has never stopped since 2003. With the escalation of disputes among all parties, the international oil price has also experienced a five-year bull market, soaring from the initial $20/barrel to the highest $147/barrel. So far, the international oil price is still hovering around $70/barrel

"the oil price in the international spot market is calculated on the basis of the futures market price. However, since Chinese enterprises were less involved in international trade before, although they import and establish a large number of automobile lightweight non-metallic materials industry alliance to export oil every year, they have a low impact on the international oil price." An official from the development research center of the State Council said

according to the data, China became the second largest oil importer in the world in 2003. In that year, the net import of oil exceeded 80million tons, and reached 120 million tons in 2004. In the following years, the annual growth rate was still more than 10%. By 2008, the net import of oil had reached 178 million tons, resulting in China's external dependence on oil exceeding 50% for the first time

"how to increase the voice of China's oil pricing is imminent." The official of the development research center of the State Council said with emotion

he believes that since nylon material in China is a kind of semi crystalline thermoplastic with good physical and mechanical properties, the competition pattern in the internal oil market has not yet formed, and the spot and futures prices of domestic oil products are vulnerable to external forces and international prices, it is not suitable to rush to start futures varieties such as refined oil and crude oil at present

"however, China's oil enterprises can go abroad and actively participate in international market competition. Through the continuous in-depth understanding of international trade rules, China's enterprises will certainly gradually enhance their voice in oil pricing."

it is reported that PetroChina and SINOPEC are currently planning to establish their own regional headquarters all over the world

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