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West Texas Intermediate (WTI) oil is another benchmark used by oil markets, representing oil produced in the U.S. It is based on oil at a large tank and pipeline hub in Cushing, Oklahoma. Like Brent oil, WTI is priced as a light oil, but it doesnt have the same global docHub.
Brent Crude is the benchmark used for the light oil market in Europe, Africa, and the Middle East, originating from oil fields in the North Sea between the Shetland Islands and Norway. West Texas Intermediate is the benchmark for the U.S. light oil market and is sourced from U.S. oil fields.
Data ReservesReservesTexasShare of U.S.Crude Oil (as of Dec. 31)17,031 million barrels41.4%Expected Future Production of Dry Natural Gas (as of Dec. 31)133,169 billion cu ft22.6%Expected Future Production of Natural Gas Plant Liquids12,158 million barrels46.4%6 more rows
Types of Crude Oil Class A: Light, Volatile Oils. These oils are: Class B: Non-Sticky Oils. These oils have a waxy or oily feel. Class C: Heavy, Sticky Oils. Class C oils are characteristically: Class D: Nonfluid Oils. Class D oils are:
Oil Reserves in China China has proven reserves equivalent to 5.4 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

People also ask

Understanding West Texas Intermediate (WTI) WTI is the main oil benchmark for North America as it is sourced from the United States, primarily from the Permian Basin. The oil comes mainly from Texas.
A Chinese investment firm is shelling out $1.3 billion to buy giant oil fields in Texas, reflecting growing interest from China in U.S. energy resources. Yantai Xinchao will acquire oil assets in the western Texas Permian Basin that are currently owned by Tall City Exploration and Plymouth Petroleum.
Brent is a high-quality light, sweet blend of crude oil, which refers to its low density and low sulphur content. Brent accounts for around two thirds of global oil pricing, and oil produced in other parts of Europe, the Middle East and Africa is priced at differentials to Brent based on its specifications.
Surge Energy currently has about 93,000 net acres of land lease rights and more than 700 producing wells in the Permian Basin in western Texas and eastern New Mexico, the largest source of shale oil production growth in the United States.
Chevron is one of the largest producers of oil and natural gas in the Permian. Our holdings total approximately 2.2 million net acres.

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