India’s Crude Oil Consumption: Empirical Estimations and Future Projections

2019 ◽  
pp. 17-33
Author(s):  
Narendra N. Dalei ◽  
Anshuman Gupta
Keyword(s):  
Crude Oil ◽  
Oil Consumption ◽  
Future Projections

scholarly journals Forecasting Crude Oil Consumption in China Using a Grey Prediction Model with an Optimal Fractional-Order Accumulating Operator

Complexity ◽  
2018 ◽  
Vol 2018 ◽  
pp. 1-12 ◽  
Author(s):  
Huiming Duan ◽  
Guang Rong Lei ◽  
Kailiang Shao
Keyword(s):  
Particle Swarm Optimization ◽  
Crude Oil ◽  
Fractional Order ◽  
Gamma Function ◽  
Particle Swarm ◽  
Grey Theory ◽  
Grey Prediction ◽  
Oil Consumption ◽  
Swarm Optimization ◽  
Production And Consumption

Crude oil, which is an important part of energy consumption, can drive or hinder economic development based on its production and consumption. Reasonable predictions of crude oil consumption in China are meaningful. In this paper, we study the grey-extended SIGM model, which is directly estimated with differential equations. This model has high simulation and prediction accuracies and is one of the important models in grey theory. However, to achieve the desired modeling effect, the raw data must conform to a class ratio check. Unfortunately, the characteristics of the Chinese crude oil consumption data are not suitable for SIGM modeling. Therefore, in this paper, we use a least squares estimation to study the parametric operation properties of the SIGM model, and the gamma function is used to extend the integer order accumulation sequence to the fractional-order accumulation generation sequence. The first-order SIGM model is extended to the fractional-order FSIGM model. According to the particle swarm optimization (PSO) mechanism and the properties of the gamma function of the fractional-order cumulative generation operator, the optimal fractional-order particle swarm optimization algorithm of the FSIGM model is obtained. Finally, the data concerning China’s crude oil consumption from 2002 to 2014 are used as experimental data. The results are better than those of the classical grey GM, DGM, and NDGM models as well as those of the grey-extended SIGM model. At the same time, according to the FSIGM model, this paper predicts China’s crude oil consumption for 2015–2020.

How crude oil consumption impacts on economic growth of Sub-Saharan Africa?

Energy ◽  
2013 ◽  
Vol 54 ◽  
pp. 74-83 ◽  
Author(s):  
Niaz Bashiri Behmiri ◽  
José R. Pires Manso
Keyword(s):  
Economic Growth ◽  
Crude Oil ◽  
Sub Saharan Africa ◽  
Oil Consumption ◽  
Sub Saharan

Evidence of the Crude Oil Use Efficiency for the Four BRIC Countries: A Panel Analysis

2014 ◽  
Vol 1030-1032 ◽  
pp. 2561-2565
Author(s):  
Gao Lu Zou
Keyword(s):  
Crude Oil ◽  
Panel Cointegration ◽  
Panel Analysis ◽  
Oil Consumption ◽  
Bric Countries ◽  
Long Run ◽  
Use Efficiency ◽  
The Common ◽  
Low Efficiency ◽  
Consumption Efficiency

Crude Oil consumption for every unit of GDP output is a significant indicator for oil use efficiency. This study aims to investigate the long-run relationship between energy consumption efficiency across the four BRIC countries. We tested for panel unit root and panel cointegration. Oil consumption was of low efficiency in India. The cointegration suggests the common inefficiency of oil use. We may find out some common or similar determinants improving the oil use efficiency in the rapidly growing but heavy oil import-dependent countries.

scholarly journals An Agglomeration Benefits of Oil and Gas Firms: An Exploratory Study Through Industrial Cluster

2021 ◽  
Vol 55 (No 1) ◽  
pp. 45-64
Author(s):  
Maryam Kalhoro ◽  
Dahshila Junejo ◽  
Sanobar Salman Shaikh
Keyword(s):  
Crude Oil ◽  
Exploratory Study ◽  
Oil And Gas ◽  
Study Data ◽  
Oil Consumption ◽  
Secondary Sources ◽  
Exploration And Production ◽  
Oil And Gas Resources ◽  
Oil And Gas Firms ◽  
Strong Existence

The research investigates the agglomeration pattern of seven national, international oil and gas extraction and production companies through an exploration of oil and gas cluster components and subcomponents.For this exploratory study, data is collected through primary sources via in-depth interviews from managers of national and international oil and gas MNCs working in Sindh, Pakistan and through secondary sources ofbusiness reports. The content analysis is adopted to analyze the data. Results of this study reveal that there is strong existence of exploration and production companies which results in agglomeration, however, other components of oil and gas cluster like refineries, marketing companies, supporting institutes, media and government poorly exist in Sindh province of Pakistan. Findings also highlight that the Sindh as a resource-rich region is still underdeveloped due to poor management of resources or because of the absence of ideal oil and gas cluster components and coordination among them in the region. _________________________Keywords:Agglomeration, Oil and Gas sector, cluster components, regional development Sindh, Pakistan.INTRODUCTIONPakistan is rich in oil and gas reserves that can sufficiently help to accelerate the economic growth of the country (Haque and Arif, 2007).According to Akbar (2005), Pakistan is the country which mainly depends on oil and gas resources for their energy consumption. Since the 1980s, the country's crude oil consumption is greater than the production. The average crude oil production in the year 2013 is 51.32, and its consumption is 285.38 barrels per day, respectively

THE AUSTRALIAN OIL INDUSTRY — TWO YEARS OF FLOOD BEFORE THE PERMANENT DROUGHT

1986 ◽  
Vol 26 (1) ◽  
pp. 106
Author(s):  
I. Story
Keyword(s):  
Crude Oil ◽  
Oil Industry ◽  
Oil Price ◽  
Oil Consumption ◽  
Gross Domestic Product Growth ◽  
Self Sufficiency ◽  
Timor Sea ◽  
The Government ◽  
First Time ◽  
Exploration Activity

World oil intensities have undergone a fundamental change since 1976, when gross domestic product growth outstripped oil consumption for the first time. World oil demand has fallen each year since 1979 irrespective of economic conditions.International supply management is the only way of containing oil price falls. In the longer term, non-OPEC production will peak by the end of this decade because there have been no major developments since the mid-1970's. Prices are likely to rise again as supply from non-OPEC countries falls, allowing OPEC to reassert market control.Australia has achieved 100 per cent self-sufficiency in crude oil, but a substantial increase in exploration activity is required if a major fall in self-sufficiency is to be averted after Bass Strait peaks in 1987. Browse Basin (Timor Sea) disappointments indicate that while there will be good production from Jabiru and perhaps Challis, these will not replace the declining Mackerel, Halibut, and Kingfish fields in Bass Strait.The Cooper/Eromanga Basin, while highly prospective, will never produce the quantities needed to replace Bass Strait. Jackson's reserves are estimated at about 45 million barrels. By comparison, Mackerel and Halibut together will produce 58 million barrels in 1985-86 alone.If oil is not found the balance of payments will suffer badly. Each percentage point drop in self sufficiency will cost Australia $85 million or nearly 0.5 per cent of exports. If domestic production falls to 470 000 barrels per day by 1990, imports of crude oil will cost $2 billion in 1985 dollars (assuming flat oil prices). Expressed in another way, 6 per cent of Australia's exports will be required to pay for the incremental drop in self-sufficiency by 1990.In 1984-85 the Government took in $4.26 billion from the crude oil levy, almost exclusively from Bass Strait. In 1985-86 the Government will receive $4.7 billion. This represents 8.7 per cent of Government taxation revenue, and 8 per cent of total Government receipts. By 1990, the levy from Bass Strait will fall by 45 per cent (assuming a constant oil price). By 1995 the revenue will be 90 per cent less than 1985-86, posing a major budgetary funding problem.

REDUCING THE USAGE OF CRUDE OIL — WHAT CAN BE LEARNED FROM HIGHEST CRUDE CONSUMER COUNTRIES?

2012 ◽  
Vol 11 (02) ◽  
pp. 233-246
Author(s):  
BEZALEL GAVISH ◽  
ROYI GAVISH
Keyword(s):  
Crude Oil ◽  
Sharp Increase ◽  
Oil Prices ◽  
High Variability ◽  
Oil Consumption ◽  
Conservation Policies ◽  
Crude Oil Prices ◽  
Production And Consumption ◽  
Consumption Reduction ◽  
The Relationship

The production and consumption of crude oil became a major issue with the sharp increase in crude oil prices that took place during the last few months. We investigate the relationship between crude oil consumption and the GDP of the top crude oil consuming countries. The amount of GDP produced per barrel of crude oil varies significantly between different countries; the ratio is in the range of 2% to 10% of the GDP when the price of a barrel of crude oil is $100. The paper attempts to explain the high variability with the aim of learning from high GDP producers as to how they are able to generate a larger GDP per barrel of crude oil consumption. The paper also identifies a hysteresis effect in crude consumption reduction and illustrates how understanding it can lead to better production and conservation policies.

scholarly journals Empirical analysis of crude oil consumption and price on Ghana’s economic growth

2020 ◽  
Vol 5 (4) ◽  
Author(s):  
Gideon Kweku Appiah ◽  
Ebenezer Oduro ◽  
Shadrack Benn
Keyword(s):  
Economic Growth ◽  
Crude Oil ◽  
Time Series Data ◽  
Oil Price ◽  
Series Data ◽  
Energy Information Administration ◽  
Oil Consumption ◽  
The Government ◽  
The Impact ◽  
Adf Test

AbstractThe objective of this paper was to investigate the impact of crude oil consumption and oil price on the growth of the Ghanaian economy. It proceeded with annual time series data (1980-2016) sourced from World Development Indicator (WDI) and Energy Information Administration (EIA). All variables used in the study were integrated of order one as suggested by the Augmented Dickey-Fuller (ADF) test. Further, the Johansen Cointegration test suggested the existence of cointegration among the variables. The study used the OLS estimation procedure.The study found a positive and statistically significant relationship between oil price and economic growth in the long run. On the other hand, an inverse relationship was found between crude oil consumption and economic growth in the long run.Based on the findings the study recommends that the government diversify the economy to reduce the shock the economy might experience in times of oil price shocks. Further, risk management instruments like physical reserves and hedging against oil prices should also be employed.Also, the study recommends policies that encourage efficient consumption of crude oil, especially in the productive sectors like industry in order to trigger growth. This notwithstanding, the study recommends effective measures to mitigate the externalities associated with increased production and consumption of crude oil, such as the carbon tax.

scholarly journals CO-INTEGRATION AND CAUSALITY RELATIONSHIP BETWEEN ENERGY CONSUMPTION AND ECONOMIC GROWTH: FURTHER EMPIRICAL EVIDENCE FOR NIGERIA

2010 ◽  
Vol 11 (1) ◽  
pp. 97-111
Author(s):  
Clement A. U. Ighodaro
Keyword(s):  
Economic Growth ◽  
Energy Consumption ◽  
Crude Oil ◽  
Electricity Consumption ◽  
Oil Production ◽  
Conservation Policy ◽  
Oil Consumption ◽  
Gas Utilization ◽  
Crude Oil Production ◽  
Causality Relationship

The Paper re - examined co‐integration and causality relationship between energy consumption and economic growth for Nigeria using data covering the period 1970 to 2005. Unlike previous related study for Nigeria, different proxies of energy consumption (electricity demand, domestic crude oil consumption and gas utilization) were used for the estimation. It also included government activities proxied by health expenditure and monetary policy proxied by broad money supply though; emphasis was on energy consumption. Using the Johansen co‐integration technique, it was found that there existed a long run relationship among the series. It was also found that all the variables used for the study were I(1). Furthermore, unidirectional causality was established between electricity consumption and economic growth, domestic crude oil production and economic growth as well as between gas utilization and economic growth in Nigeria. While causality runs from electricity consumption to economic growth as well as from gas utilization to economic growth, it was found that causality runs from economic growth to domestic crude oil production. Therefore, conservation policy regarding electricity consumption and gas utilization would harm economic growth in Nigeria while energy conservation policy as regards domestic crude oil consumption would not. Santrauka Tyrinejamas energijos suvartojimo ir ekonominio augimo tarpusavio ryšys bei priežastingumas Ni‐gerijoje, remiantis 1970–2005 m. statistiniais duomenimis. Naujai, lyginant su ankstesniais Nigerijos tyrimais, parenkami energijos vartojimo matavimo būdai (elektros energijos paklausa, vietines naftos žaliavos suvartojimas, duju utilizavimas). Straipsnyje atsižvelgiama i socialine ir monetarine valstybes politika, kurios atspindi valstybes gerove. Pritaikius Johansen tarpusavio priklausomybes metodabuvo gauta, kad tarp visu energijos vartojima atspindinčiu rodikliu ir ekonominio augimo yra netiesioginis priežastinis ryšys. Manoma, kad elektros bei dujunaudojimo apribojimas stabdytu Nigerijos ekonomini augima, o naftos žaliavos vartojimo masto mažinimas nepaveiktu tolesnes šalies pletros.

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