A pumping system is described comprising a bracket being vertically fixed onto the connection end of a pump basement and also connected to a wellhead in order to support multiple fixed pulleys fixed on the same plane as the top end of the bracket), an electric motor and a speed reducer also successively being fixed to a lower end of the bracket. The end head of an output shaft of a speed reducer is connected by means of a crank whose top end head is connected with a movable pulley that is on the same plane as the fixed pulleys. A flexible cable vertically hung in the center of the wellhead is successively wound across the fixed pulleys and the movable pulley and then is locked onto the pump basement. The flexible cable is downwardly connected to a plunger element of an upper wellhead canned pump and also to a plunger element of a downhole oil well pump. This pumping system is characterized by good movement performance, high level of effective load factor, the ability to use the combination of its own driving power and special tools for complementing the characteristics of low power consumption on tripping the plunger of oil well pump, as well as relatively small dimension and low weight of the pumping system relative to conventional oilfield pumping units.