How to check crude oil prices

Crude oil produced by petroleum and petrochemical groups, crude oil sold domestically by China National Offshore Oil Corporation, crude oil produced by China Xinxing Petroleum Company and local oil fields, as well as imported crude oil – all of these are to be allocated in a unified manner and shall not be sold on their own. 　　**When formulating the annual overall balance targets for crude oil production across the society, the Planning Commission must include the crude oil produced by local oil fields in this total and make coordinated arrangements. IV. Implementation of centralized wholesale of refined oil (1) All refined oil produced by domestic refineries (gasoline, kerosene, diesel, the same below) must be sold through the wholesale enterprises affiliated to petroleum and petrochemical groups; no other enterprises or units are allowed to engage in such wholesale activities, and refineries are strictly prohibited from selling their products directly. Refineries that illegally sell refined oil should have their crude oil supply halted. 　　(II) For refined oil wholesale enterprises, a cleanup and rectification process shall be carried out by 1999, with the business licenses of those that do not meet the requirements being revoked. For refined oil wholesale enterprises that have passed the cleanup and restructuring process and are not part of oil or petrochemical groups, these groups may reorganize them through methods such as transfer, joint operation, shareholding, or acquisition, in accordance with the law. 　　(III) Oil groups and petrochemical groups should exercise strict self-discipline, deepen reforms of their internal sales systems, reduce intermediate steps, standardize operations, strengthen supervision and management of oil companies at all levels, and ensure market supply. 　　(IV) Oil designated for specific uses such as the military, foreign trade exports, railways, transportation, civil aviation, forestry, agricultural reclamation, the Xinjiang Production and Construction Corps, and marine fisheries must be used in strict accordance with **relevant regulations. Those who violate these regulations by dealing in refined oil supplied directly will have their eligibility for such direct supply revoked. **In accordance with relevant regulations, the Materials Reserve Bureau is responsible for storing and rotating refined oil. The refined oil that is taken out for rotation must be sold at **the specified price to the wholesale enterprises affiliated with oil and petrochemical groups. 　　(5) Without **approval, it is not permitted to establish foreign-invested enterprises for the distribution of refined petroleum products ； Those that have already been established will be reviewed and rectified by the **Economic and Trade Commission in conjunction with relevant departments.

International crude oil trading has given rise to three benchmark prices: the light sweet crude oil price on the New York Mercantile Exchange in the United States, the North Sea Brent crude oil price on the London International Petroleum Exchange in the UK, and the Dubai crude oil price in the UAE. 　　The above three types of benchmark oil prices are divided into spot prices and futures prices, among which the futures price for delivery around the following month is the most useful for reference due to its large trading volume. 　　1. Futures price of light sweet crude oil on the New York Mercantile Exchange. The light low-sulfur crude oil traded on the New York Mercantile Exchange is of high quality; it is also known as \"West Texas Intermediate\" or \"Texas Light Sweet.\" Its price serves as the benchmark for crude oil prices in North America, and it is one of the benchmarks used for pricing crude oil worldwide. 　　What is commonly referred to as the “oil price in the New York market” is the price of light crude oil futures on the New York Mercantile Exchange, scheduled for delivery in the following month. 　　2. The futures price of North Sea Brent crude oil on the London International Oil Exchange. North Sea Brent crude oil on the London International Petroleum Exchange is also a light crude, but its quality is lower than that of light low-sulfur crude oil on the New York Mercantile Exchange. Crude oil produced in Africa, the Middle East, and Europe is usually priced based on the Brent crude oil futures price when supplied to the West. 　　What is commonly referred to as the “oil price in the London market” is the futures price of North Sea Brent crude oil on the London International Petroleum Exchange, for delivery roughly the following month. 　　3. Dubai crude oil price. Dubai crude is a light, acidic crude oil produced in Dubai, United Arab Emirates. Oil prices in Dubai are rarely covered in general news reports.