What drives crude oil prices:
Order now University of tilburg Oil consumption in less developed countries Empirical study on oil consumption in less developed countries Abstract: Two outlier countries with a deviating rate of oil consumption are found. Equatorial Guinea has relatively low oil consumption, while The Seychelles has relatively high oil consumption, in relation to their GDP.
After that possible factors that might affect oil consumption are discussed. The presence of oil fields, dependability on oil, inequality, distribution of income and the distribution of GDP and labor between sectors are the main factors that influence oil consumption.
After that research is done into the background and history of the countries. The factors that were found are applied to the countries and the conclusion is drawn based on that. Table of contents Chapter 1 — Introduction3 1.
Equatorial Guinea and The Seychelles7 4. Although oil consumption is considered to be an important figure, it was not a part of this course. It seemed interesting to look at the oil consumption rate of a group of developing countries, especially since this information was not known to the authors prior to this assignment.
This meant that it was a stab in the dark for the statistical part. But luckily enough, two outliers were found, one above the average and one below, which was a bonus, because it allows us to write from different perspectives even though the reasons provided are country specific.
Additionally, it is believed that the oil consumption is going to change in the coming years. That is why this assignment is about oil consumption, while it is still important.
With the statistical data of several consecutive years it is then possible to identify certain outliers, based on linear regression. The next step is to look for reasons why these countries deviate from the trend that was found in the regression. These reasons will then be put in a separate chapter for each outlier, so that there is plenty of room to put the reasons into this report.
So, the ultimate goal of this research is to identify outliers based on the criteria mentioned above, and explain why these countries are outliers.
Further, the data is analyzed and the outliers are revealed. Chapter 3 discusses the possible internal and external factors that influence oil consumption in less developed countries. In chapter 4 the outlier countries are discussed. Background information and history are given.
Also the possible factors discussed in chapter 3 are applied to the outliers. Chapter 5 will give a short summary and present the conclusion.
Which factors influence the oil consumption rate in developing countries to the extent that they significantly deviate from the expectation based on the GDP per capita level? We found these data on www. We used data fromandbecause we wanted to have a meaningful sample. For all data see Appendix 2.
Seychelles upper red dot in graph 1 and Equatorial Guinea lower red dot deviate more than 2. Seychelles have a GDP of 8.
Equatorial Guinea, being the other outlier has a GDP of GDP per capita and oil consumption. Internal and external factors affecting oil consumption In this section, we will discuss different factors which might have a positive or negative impact on oil consumption.
Although the degree of oil consumption might be the cause of a chain of factors and one factor may be the cause or the result of another factor, it is important to look at the different factors one by one.
The most obvious reasoning would be that oil consumption in a country increases if that country possesses multiple big oil fields, developed or undeveloped.
However, there are a few catches that might turn out against the expectations. It is important to distinguish between developed and undeveloped oil fields.Global consumption of paper and cardboard per capita 57kg U.S. consumption of paper and cardboard per capita kg Consumption of paper and paperboard in the U.S.
70,k t . increases in oil consumption have a positive effect on economic growth, and a shortage of oil supply may have an adverse effect on economic growth through production and transportation. Oil consumption has been recognized as the main driver behind the progress of industrialization and urbanization both in developed and developing countries (Halkos and Tzeremes, ) and it is.
A map of world oil consumption in barrels a day per capita, According to Enerdata, this trend was supported by fast-growing demand for road and air transport, particularly in developing countries. In China, demand for refined products surged by 12% due to increasing needs.
Asia accounted for more than 40% of the overall increase in. In this paper we study the consumption and hedging strategies of an oil-importing developing country that faces exogenous multiple crude oil shocks.
To capture the. Consumption and hedging in oil-importing developing countries In this paper we study the consumption and hedging strategies of an oil-importing de- between oil and the developing economy, we consider that the country has two productive sectors.
First, it has a technology that produces capital and combines oil and capital as inputs.