OIL DEMAND AND WORLD OIL PRICE DEVELOPMENTS DURING ECONOMIC CRISIS, MACRO-ECONOMETRIC ANALYSIS

Anamaria-Geanina Macovei ()
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Anamaria-Geanina Macovei: Stefan cel Mare University, Suceava, Romania

European Journal of Accounting, Finance & Business, 2023, vol. 11, issue 1, 91-100

Abstract: The economic crises have had a significant impact on oil demand and oil prices per barrel worldwide, with significant economic consequences and requiring appropriate adaptation strategies. Oil is one of the most important energy sources used in industry, transport, and production. Fluctuations in oil demand and oil prices have a significant impact on national and global economies. The aim of this study is to provide a time series analysis of the evolution of oil demand and the price of a barrel of oil as an important source of energy in the world that plays a role in the global industry. The proposed objectives to achieve this aim are O1: analysis of the influence of crises on global oil demand, O2: analysis of the influence of crises on global oil barrel prices, O3: time evolution of global oil demand, and O4: time evolution of global oil barrel prices. Analytical and forecasting methods will be used to achieve the proposed aim, using statistical data on oil demand over the period 2005-2022 and the average oil price per barrel over the period 1976-2022. The results of the study consist of macro-econometric models for the analysis of the evolution over time of the level of oil demand and the average price of a barrel of oil, focusing on the economic crises that occurred during the period analyzed.

Date: 2023
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