A model for interaction of supervisory institutions and price reporting institutions to improve the efficiency of the crude oil pricing system in oil markets using classical data-base theory

The subject of pricing in the oil market has undergone changes as the market evolves over time. Today, PRA reporting to private institutions that disseminate information, and especially prices in the world oil market, play an important role in determining the price of oil in the physical and paper markets. Concerns over the activities of these institutions have led to the formation of oversight bodies. However, the question remains as to what is the appropriate model for the interaction of price reporting institutions and supervisory bodies in a way that results in a more efficient oil pricing mechanism. The purpose of the present study is to review the theoretical foundations of the activities of price reporting institutions and supervisory institutions, using a data-base theory and using the opinions of experts in global oil markets, to provide a model for the relationship of these actors. Following the implementation of the foundation's data strategy, 60 concepts were constructed, categorized into 7 sub-categories and 4 main ones. At the theoretical coding stage, a conceptual model was developed for the relationship between supervisory bodies and price reporting institutions.