Isn't this what the primary futures markets are for? As an oil producer, you lock in a price for the oil that you know you're going to produce in 3 or 6 or 12

Isn't this what the primary futures markets are for? As an oil producer, you lock in a price for the oil that you know you're going to produce in 3 or 6 or 12 months. Let a financier in some big city take on the risk that the price might be higher or lower, where they can hedge it against other investments.