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China and the United States have oil prices converge |
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United States Department of Energy, Energy Information Agency released a report on November 6, in line with the international crude oil prices dropped sharply.U.S. gasoline prices dropped to the lowest level since the beginning of this year, the average price for regular unleaded gasoline 2.20 U.S. dollars per gallon.than in August over three U.S. dollars / gallon drop in the price level of 30%
. However, the still-high level of domestic refined oil price has not adjusted oil prices can only rise not fall.It is in this context, the departments concerned of the State Development and Reform Commission put forth a refined oil directly with the international community.indirect reference to the international price of crude oil to replace the line "new ideas."
The "new ideas" The main point is that the current domestic oil prices and Singapore, there is still a gap between the price of the fuel market, not downward.rise in response.In my opinion, however, the department in charge of reform of the oil price, there are at least three areas of error.
Singapore fuel market price is overvalued by some people in Singapore are hailed as the Bible of how the fuel market is a market?China Oil Prices whether directly converge?
First of all, from a speculative view.Singapore fuel market by the three major components, both traditional spot market.Putin's (PLATTS) open market and paper goods market.Singapore fuel oil cargo market at present paper about the size of the market is more than three times the cash market.annual turnover of about 100 million tons, of which 80% is speculative trading, the transaction value is around 20%.Excessive speculation in the market is suspect.
Putin's current (PLATTS) open market transactions annually about six million -1000 million tons.Due to excessive speculation, the price may not be regarded as unfair pricing.Second, the extent of participation from domestic institutions.Relevant statistics show that the transaction volume of domestic enterprises accounted for over one-third of the market share in Singapore paper goods.Currently, the South China region in order to achieve stability of the international oil traders procurementMost foreign agents commissioned by the Singapore fuel oil cargo of paper transactions.Although the market really needs, but because such transactions by state policy restrictions still in a gray area.Except for a handful of large companies with legitimate credentials, mostly behind the scenes, through different ways, commission agents and resell operationVery often, even the black market to buy foreign exchange transactions.Obviously, not many traders in the country to participate in the transaction of formal regulation, should be questioned its legality.trade openness and equal access to information and transactions is not ensured, thereby maintaining and increasing the overall results are poor.Third, China's major oil-producing areas in the northern and western regions.From the oil-producing areas of the South are significantly lower than the average cost, which is also one of the reasons for its crude oil procurement to Singapore.Consider factors such as uneven development of the domestic economy.South China's oil traders as the main participants in the market is certainly high fuel prices.and the illicit trade is not fair prices, direct contact with the practice of China's refined oil price is obviously inappropriate.Even if no mechanism for the formation of oil prices in Singapore, the refined oil prices are directly related to converge, we are also questionable.After all, we are not a pure oil-importing countries.ignore the existence of domestic crude oil production over monopoly profits this basic fact.China and the United States have oil prices lower than the international market prices should rise in oil prices converge, it is a paradoxical misnomer.The level of complexity of the factors affecting oil prices, domestic refined oil prices and the world did not have a unified access to the track.huge price difference.For example in May of this year, Venezuela, the world's fifth-largest oil exporter, gasoline prices lowest in the world.the price per liter of petrol was 4.5 cents to 3.2 cents.Following Nigeria after Venezuela (0.1 U.S. dollars per liter), Egypt (0.17 U.S. dollars per liter).Kuwait (0.21 U.S. dollars per liter) and Saudi Arabia (0.24 U.S. dollars per liter).The other hand, the Netherlands is the world's highest gasoline prices, the price of 1.75 U.S. dollars per liter of petrol.followed by Norway (1.69 U.S. dollars per liter), Italy (1.61 U.S. dollars per liter).Denmark (1.6 U.S. dollars per liter) and Belgium (1.59 U.S. dollars per liter).And the United States, the price of regular gasoline per gallon 2.86 U.S. dollars, equivalent to about 0.75 U.S. dollars per liter.Beijing petrol prices about 5 yuan / liter, which is equivalent to 0.62 U.S. dollars / liter.These countries are economically developed countries with high fuel prices, high welfare, high per capita income.Gasoline consumption in the low percentage of its total expenditure.It can be seen that the highest petrol prices in the Netherlands is the lowest Venezuela about 50 times, seven times in Saudi Arabia, the United States more than doubled.Significant difference.Oil prices are at the lowest ranks of the oil-exporting country, is the main oil-dependent economies of the developing countries.So, why the world's biggest oil producer Saudi oil is seven times higher than Venezuela?Apart from the higher cost of oil refineries in Saudi Arabia, Venezuela, a special domestic policy is a major factor.Plus fuel and other expenses.We have close to the price the United States, the world's largest oil import price level (the United States last week, according to the latest 2.2 U.S. dollars per gallon for petrol prices,its retail price was lower than the current price).Compared with its own economic development level of China's oil price is obviously too much."Transfer" of the oil windfall as a special commodity bearing on the national economy, positioning depends on oil production level of profitability.A 2005 annual report as an example, petroleum profit margins as high as 26.2%.Exxon Mobil Corporation in the United States, which is famous only 10.6% of the profit.Obviously, the main difference is not a result of cost control or advanced technology and other factors.Instead, the low domestic oil taxes, the high taxes Europe and the U.S. oil companies.Resources tax, the only Chinese company less than a tenth of its overseas counterparts.Then, the domestic oil refining industry losses to business requirements prices reasonable?China National Petroleum, China Petrochemical are set exploration, exploitation, refining and marketing into one company, the business can cross-subsidize plates.From refined oil, actually lower than domestic prices, but crude oil prices were still higher than those abroad.For example, the landed price of imported crude oil in August this year, amounting to about 4,133 yuan to 300 yuan per metric ton.Daqing crude oil prices rose to 4,493 dollars per tonne by using internally.In other words,Originally, the oil companies will profit from the refinery to the Daqing oilfield exploitation of the oil sales and other business enterprises and filling stations.Statements related losses incurred by the individual links in the high monopoly profits of the whole industry is difficult to conceal.In monopoly industries, its products and services, lack of competitive pressures, rising only motivationNo downward pressure on prices to gain market share.Oil from the market, the stock has increased more than five-fold, from the reflection of the high level of profits.And the reform of the dominant oil prices, should conditions, reasonable, balanced refined-oil pricing mechanism,to balance the interests of producers and consumers of oil, the two camps.
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