The study looked at how Shanghai crude oil futures affect the global oil market and industry. They used different models to analyze the relationship between Shanghai crude oil futures and international oil prices. The results showed that Shanghai crude oil futures have some influence on Asian oil prices and reflect changes in oil supply and demand. After Shanghai crude oil futures were introduced, Shengli crude oil had a bigger impact on pricing. This means Shanghai crude oil futures could become an important tool for oil importers and refineries, affecting China's oil industry.