Crude Oil ** will introduce "China Standard"

On August 10th, the reporter learned from the Shanghai International Energy Exchange Center that China's crude oil market has made important progress in preparation for the listing of crude oil. The international standards system for its delivery and inspection is basically established, and relevant rules will be solicited from global investors. This is the first “China Standard” in the global crude oil derivatives market, marking a solid step towards the establishment of an internationalized industry standard for crude oil.

Before this, in order to further standardize the inspection process of crude oil into and out of warehouses, effectively control and prevent delivery risks, and improve and optimize the delivery system, the Shanghai International Energy Center has formulated crude oil inspection rules to establish an international industry standard system for crude oil.

At the following crude oil ** inspection rules seminar, relevant officials from more than 20 companies, including PetroChina, Sinopec, etc., conducted in-depth discussions on the crude oil inspection rules, further clarified the business process and links of crude oil futures delivery, and improved optimization. The crude oil ** delivery system, the establishment of crude oil ** delivery business "China Standard", for domestic and foreign investors to participate in the domestic ** market to provide a standardized, international, market-based basic market environment and favorable conditions.

Crude oil will be the first species in China's ** market internationalization pilot, and it will face many challenges in terms of market access, rulemaking, risk management, and international integration. Crude oil inspection rules are an important part. First of all, physical delivery is the basic system of China's ** market, and it is an important system for realizing the optimal allocation of market resources and the return of spot market prices. Crude oil** will also adopt physical delivery mode. Secondly, crude oil is a liquid mixture. Physical delivery is more complicated than the delivery of general commodities. It is more difficult and more demanding.

Shanghai International Energy Trading Center and China Inspection and Certification Group, as well as international SGS Standards Technical Services Co., Ltd., crude oil trading and warehousing companies, after in-depth research and repeated argumentation, formulated a crude oil in line with international practice, efficient, safe and convenient **Inspections will be consulted on the global market.