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Forecasting of the World Market Price of Oil

In: World Market Price of Oil

Author

Listed:
  • Adalat Muradov

    (Azerbaijan State University of Economics)

  • Yadulla Hasanli

    (Azerbaijan State University of Economics)

  • Nazim Hajiyev

    (Azerbaijan State University of Economics
    Harvard University)

Abstract

To provide a forecast of oil prices, the time series (TS) covering the average prices of the Brent, Dubai, and West Texas Intermediate (WTI) oils in the months between January 1960 and 2017 is reviewed (see Appendix F). As Azeri Light oil from Azerbaijan has only a small time series, its prices are not included in the model. However, since the prices of Azeri Light oil in the world market are heavily dependent on the prices of other oils, its forecast prices have been predicted to build regression models that are dependent on the prices of other oils. It should be noted that the prices of Azeri Light oil in the world market are slightly higher than the prices of other oils.

Suggested Citation

  • Adalat Muradov & Yadulla Hasanli & Nazim Hajiyev, 2019. "Forecasting of the World Market Price of Oil," SpringerBriefs in Economics, in: World Market Price of Oil, chapter 0, pages 41-60, Springer.
    • Handle: RePEc:spr:spbchp:978-3-030-11494-7_3
    DOI: 10.1007/978-3-030-11494-7_3
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    Cited by:

    1. Nazim Hajiyev & Klaudia Smoląg & Ali Abbasov & Valeriy Prasolov, 2020. "Energy War Strategies: The 21st Century Experience," Energies, MDPI, vol. 13(21), pages 1-15, November.
    2. Elkhan Richard Sadik-Zada & Wilhelm Loewenstein & Yadulla Hasanli, 2021. "Production linkages and dynamic fiscal employment effects of the extractive industries: input-output and nonlinear ARDL analyses of Azerbaijani economy," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 34(1), pages 3-18, April.
    3. Zakariya Kaneesamkandi & Abdulaziz Almujahid & Basharat Salim & Abdul Sayeed & Waleed Mohammed AlFadda, 2023. "Enhancement of Condenser Performance in Vapor Absorption Refrigeration Systems Operating in Arid Climatic Zones—Selection of Best Option," Energies, MDPI, vol. 16(21), pages 1-18, November.
    4. Sugra Ingilab Humbatova & Fariz Saleh Ahmadov & lgar Zulfigar Seyfullayev & Natig Gadim-Ogli Hajiyev, 2020. "The Relationship between Electricity Consumption and Economic Growth: Evidence from Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 10(1), pages 436-455.

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