Oil Price—A Sensor for the Performance of Romanian Oil Manufacturing Companies

Adrian Neacsa, Jianu Daniel Muresan (), Marian Catalin Voica, Otilia Manta and Mihail Vincentiu Ivan
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Adrian Neacsa: Mechanical Engineering Department, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania
Jianu Daniel Muresan: Department of Business Administration, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania
Marian Catalin Voica: Department of Cybernetics, Economic Informatics, Finance and Accounting, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania
Mihail Vincentiu Ivan: Department of Cybernetics, Economic Informatics, Finance and Accounting, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania

Energies, 2023, vol. 16, issue 5, 1-18

Abstract: This article presents the influence of the evolution of the oil price on the international markets on the strategies of companies whose main activity is the manufacture of oil equipment for the Romanian oil industry. As a tool for economists and specialists in the oil industry, such a study helps to develop economic strategies and management decisions based on forecasts of oil price developments. Based on statistical data for the annual oil price on international markets and the turnover of the oil companies, an analysis was proposed which showed that the trends in the mathematical models are similar, which highlights that economic activities in the oil sector are sensitive to the evolution of oil price. Management strategies are based on anticipating changes in the corporate environment, assessing the company’s internal potential and making the necessary changes to bring it in line with the economy, its mission, and the objectives set to ensure its survival and continuity. These views make it possible to analyse and forecast oil prices; upward trends will encourage companies to design and develop strategies that include investments to expand production capacity, and downward trends will synergistically lead to downsizing strategies. Variations in company production will generate an economic, social, and environmental impact in the countries where they operate.

Keywords: oil price; oil industry; international markets; energy transition (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
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