E3S Web Conf.
Volume 159, 2020The 1st International Conference on Business Technology for a Sustainable Environmental System (BTSES-2020)
|Number of page(s)||9|
|Section||Chapter 2: Partnership for Sustainable Development|
|Published online||24 March 2020|
Econometric model for forecasting oil production in OECD member states
Bucharest University of Economic Studies, 010374 Bucharest, Romania
* Corresponding author: firstname.lastname@example.org
In this article we present an econometric model of oil production forecast at OECD member level that will allow decision makers but also other oil product stakeholders to be responsible for oil production in OECD member states. This responsibility can be perceived from several perspectives: economic, social, environmental, political, military etc.
In order to be able to find the ideal formula for our calculation, we went through the specialized literature and brought elements of analysis during the research through several econometric paths traveled by other researchers and who provided us with support for our research. Before proceeding technically, in order to understand the urgency of this approach and of this study, we also discussed how oil and natural gas are explored, exploited and extracted from the underground deposits.
We considered that the proposed model could be improved in the future so as to portray certain geopolitical or economic factors, determinants for oil production, such as embargoes, periods of armed conflict in the main extraction areas or times of financial crisis and the decline of financial markets.
© The Authors, published by EDP Sciences, 2020
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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