Analysis of the degree of monopolization world oil market
DOI:
https://doi.org/10.21847/1728-9343.2013.2(122).13454Keywords:
Log-linear dynamic model, trend component, oligopoly, monopoly, total output and production capacityAbstract
The analysis determines the dependence of the world's oil total production from various economic factors. In The paper describes the main factors affecting global oil production. The research, based on econometric analysis, discovers the main economic nature that takes place on the market of main world energy resource. The paper analyzes and describes the development of total oil market. Also this work has installation of historical stages of world oil trade, market and positions of main exporting countries. This paper describes the major shocks, which influence on global supply and demand. These shocks are difficult to explain using econometric study, because they depend on political and economic global turmoil. The oil is main world resource, which are used by everyone country. Different country use different amount of this resource, but everyone needs them. In addition, some sectors of the economy depend directly on forecasts of the situation on the oil market for their business. For example, airlines rely on such forecasts in setting airfares, automobile companies decide their product menu and product prices with oil price forecasts in mind, and utility companies use oil price forecasts in deciding whether to extend capacity or to build new plants. That's why is very impotent to know process of function of oil market. The world oil market is a closed system, which requires deep study and research through a variety of tests, research data and theoretical hypothesis and same of them are conducted in this paper.
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