The Evolution Of The International Oil Pricing Mechanism At The End Of The Twentieth Century

This paper mainly discusses the late20th century, especially the80s to the90s of thedevelopment of international oil pricing mechanism, oil world order and the change of the oil market’sinfluence on the oil pricing mechanism, and the reflected in the evolution of the international oil pricingmechanism characteristics and intrinsic motivation. The full text is divided into four parts:The first part: dominated by OPEC, the establishment of the international oil pricing mechanism.Since the early70s, the organization of the petroleum exporting countries in the world oil market strengthis growing stronger, gradually replaced the "seven sisters" as the representative of international oilcompanies to become the new leading role. During this period, the organization of petroleum exportingcountries oil under the oligopoly market structure is the basic form, the oil pricing mechanism are setaccordingly from "price tag" to OPEC’s "official".The second part: the development of the international oil pricing mechanism in the80s. In theworld oil market has experienced two oil crisis shocks, non-OPEC production increase, oil consumerdemand growth slows, or drop, the oil market by the "seller’s market" to "buyer’s market". Oil trade way,meanwhile, on the basis of spot transactions become more flexible and diverse, especially oil futures alsowas born in the breeding. In this case, OPEC’s ability to control the oil market significantly weaker, oilpricing mechanism is also developed from "official" into the market parties tend to accept "seven kinds ofpackages of reference price of crude oil.The third part: the development of the international oil pricing mechanism in the90s. Due to therapid development of the oil spot trading and futures trading, the international oil market is becoming moreopen, so lead to numerous participation main body of supply and demand is increasing. In pursuit ofmaximization of oil interests, efforts, checks and balances between the fierce competition on the market,oligopoly market structure to diversified competition trend, oil prices have not by a separate control, marketsubject oil pricing mechanism is to shift from "reference price" for oil can timely reflect market supply anddemand change "futures".The fourth part: the international oil pricing mechanism, evolution characteristics and intrinsicmotivation. The1980s and1990s, the international oil pricing mechanism is constantly opening along apath forward, closely follow the pace ahead of the world’s oil market order and oil is the salient feature of the change., on the other hand, can be in the interests of the oil supply and demand and effectively reflectchanges in the international oil prices, oil pricing mechanism is to achieve the goal, also is a kind of pricingmechanism to judge whether reasonable standard. But when intensifying competition between the marketmain bodies, the original pricing mechanism gradually cannot meet the requirements of the target, it willcause the changes of the pricing mechanism.