Import Market:

For oil imports from the Middle East, the pricing benchmark is 

primarily the Platts Oman/Dubai average price; for oil imports 

from West Africa, its Brent.

Domestic Market:

The prices for trading domestic produced oil is negotiated 

between CNPC and the Sinopec Groups, who are the two biggest 

of China State-owned Oil Companies (SOE) and own most 

of China’s inland oilelds. For intra company transactions of 

domestically produced crude, the price will be determined by the 

corporate headquarters. Because there currently is no regional/

domestic oil benchmark, prices of dierent quality oil are usually 

determined in reference to nearby overseas benchmarks of similar 

quality. In China, crude oil is usually classied into four categories: 

Light, Medium I, Medium II, and Heavy Oils; and respective nearby 

overseas oil benchmarks for these four categories of oil are Tapis, 

Minas, Cinta, and Duri. The timely introduction of China’s own 

crude oil futures may help China move away from this indirect 

pricing model.

声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。