The supply of crude oil is limited, however, and cannot be increased further, since it has become increasingly difficult to find and develop new oil reserves in recent years.
West Texas Intermediate In the United States, is the preferred measure and pricing model.
History of Brent Crude Oil The name of the oil comes from the field of the same name in the North Sea, which was discovered in 1970.
This is primarily due to a decrease in oil production at the fields in the North Sea.
West Texas Intermediate: An Overview The major difference between the crude oils Brent Crude and West Texas Intermediate is that Brent Crude originates from oil fields in the North Sea between the Shetland Islands and Norway, while West Texas Intermediate is sourced from U.
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