The Study On The Relationship Between International Oil Price And China's Oil Supply And Demand

Since entering the 21st century,large fluctuations in international oil prices had a great impact on the world economy.With the continuous development of China's economy,oil import is also increasing. Grasping the relationship between international oil prices and oil's supply and demand,which has an important reference value on the development of the new situation of China's energy strategy.Based on the question mentioned before,besides,taking the current international energy situation into consideration, some factors will be concluded. In this period, analyzing on the characteristics of oil and using qualitative and quantitative method will be combined.Then,from the perspective of qualitative and quantitative research and proved the existence of a certain degree of correlation between them, employing Cointegration Test and Granger Causality Test, the relevance between the oil prices and supply is going to be calculated . Based on the result, the mathematical model about the relationship can be established, also, certain empirical analysis is needed. Especially in study of the relationship between the international oil prices and demand, we get a number of valuable results,on the contrary, there are insignificant results between the relationship between China's oil prices and supply.Through theoretical and empirical analysis, combined with China's current oil supply and demand,volatile international the status as well,some measures and suggestions will be given in the end . And in this part, suggestions like building the oil markets, improving the national oil reserve system, and developing alternative energy sources and promoting the extensive international energy cooperation,will be discussed.