as results of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no longer sustaining the economy due to current downturn in crude oil price. For instance…

Abstract The price of crude oil has experienced a sharp decline since June, 2015. The stunning fall in oil prices has been one of the most important global macro-economic developments of the past 20 months. There are numerous factors that have contributed to the oil price crash and the downturn of the oil and gas industry. These factors would further be discussed in this paper . Causes of Oil Price Crash in Recent Times The oil industry is full of economic booms and busts. Recently, the industry…

The volatility of crude oil prices have been experienced since the end of the 20th century. The March 1999 spikes were experienced due to the restriction of crude oil production and cooperation among OPEC member states, the growth of oil demand in Asia that signified its recovery following the Asian financial crisis and decreased production from non-OPEC countries (Al-Abri, 2013). The world market reacted with a sharp rise in prices with the increase in crude oil going beyond 30USD/barrel in the…

Crude Oil Price Forecasting Model Using Machine Learning Tapas Peshin1 and Nikolaos V. Sahinidis2 1Graduate Student, Department of Chemical Engineering, Carnegie Mellon University, Pittsburgh, USA tpeshin@andrew.cmu.edu 2John E. Swearingen Professor, Department of Chemical Engineering, Carnegie Mellon University, Pittsburgh, USA sahinidis@cmu.edu ABSTRACT The impact of oil price on the social, economic, political and many other aspects of human life is substantial. Oil exemplifies a vital…

Factors Affecting Price of Crude Oil and Natural Gas Introduction Over the last few years, the prices of crude oil and natural gas have depicted turbulent rising and falling trend. Changes in these prices are largely determined by supply and demand factors in the global market. The recent financial crisis that occurred in 2008 and 2009 displays poor economic conditions that have led to reduced demand of oil due to poor economic activities among many countries. Presently, the world economy is…

results of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations, including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no longer sustaining the economy due to the current downturn in crude oil price. For instance…

This essay will explain why the price of crude oil has fallen so dramatically. Also, it will analyse the impact the fall in the price will have on major oil producing nations. Moreover, it will explore the effect that the fall in price will have on major oil companies and their supply companies. Finally, it will present how the fall in oil price might affect consumers in the European Union. Crude oil is the one of the most important natural resource of the industrialised nations, which could generate…

Introduction Currently the global crude oil price was upside down, the factor that make the fall price have been be to cases to the world. Which is it is always become the global problem. The paper is organized as follows. The second one explain about the organization and the war, how can they change the price when no one cannot know the price will up or not. The third one presents how the condition of the crude oil make the price change, like the supply demand of the oil. The fourth section discuss the…

SUPPLY & ELASTICITY OF CRUDE OIL SUBMITTED BY Group -5 Karan Chopra (2012137) Manik Grover (2012155) Manish (2012156) Nancy Pande (2012178) Nayan Sharma (2012182) Nitya Agarwal (2012188) Introduction Crude oil is a naturally occurring substance (i.e., “Fossil Fuel”, formed from organic remains over a period of millions of years) found in certain rock formations in the earth. It is a dark, sticky liquid which, scientifically speaking, is classified as a hydrocarbon. Crude oil is highly flammable and…

affect does the price of oil and gas have on the economy? How does this affect the daily lives of the entire population? The preceding questions are the basis for the enclosed report. The primary objective of this report is to give a few reasons as to what causes prices of oil and prices of gas to rise. Among these reasons, speculation of things that may or may not happen, like a terrorist strike, is one of the leading factors. Another reason for the continued rise in prices of oil and gas is the…