In 2011，China’s oil market ran smoothly，though gap between supply and demand is widening. China’s oil industry has deeply integration with the world’s markets，making itself an internationalized industry in a higher degree. China’s rapid economic development and bare resource make it urgent to use of both domestic and overseas markets efficiently. The highly internationalized industry requires that management and policies must adhere to the orientation of the market. At present，China’s refined oil pricing mechanism is still indirectly with the international market，which is widely criticized. It is expected that China’s pricing mechanism would be more market-oriented. Having been integration with the international market，China’s crude oil price fluctuations would have an important impact on China’s economy.