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Oil WTI – Weekly Chart
Oil WTI – Yearly Chart

About Oil WTI

  • West Texas Intermediate is sourced from U.S. oil fields, primarily in Texas, Louisiana, and North Dakota. Considered to be ‘sweet’ crude with lower sulphur content than Brent Oil. (Source Investopedia,2019)
  • 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)