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Oil – Brent – Weekly Chart--
Oil – Brent – Yearly Chart--
About Oil – Brent
- Brent oil is extracted from oil fields in the North Sea. Most oil is priced using Brent Crude as the benchmark, close to two-thirds of all oil pricing. The Organization of the Petroleum Exporting Countries (OPEC) controls most of the Brent production and distribution thus dictating costs for not only oil suppliers but countries as well. (Source; Investopedia 2019)
- Brent is considered ‘sweet’ crude even thought its sulphur content is higher than WTI.
- The relevant crude oil for Australia is Tapis and Brent.
- There are over 300 crude oil fields in Australia. However, 80 per cent of crude oil production comes from seven major fields.
- Around 70 per cent of Australia’s oil production is from the Carnarvon basin off the coast of Western Australia.
- Around 18 per cent of Australia’s refinery input is sourced from domestic crude oil production, the remainder is imported.(Source; Dept of IIS, 2019)