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Econometric Models Of Oil Production In Romania

Author

Listed:
  • Dr. Victor Platon

    (CS I, Institute of National Economy)

  • Dr. Andreea Constantinescu

    (CS III, Institute of National Economy)

Abstract

Oil production is a major topic in the Europe 2030 Energy Strategy. The evolution of oil production during 1990-2018 is a fair indicator of the state of the Romanian national economy and of the trends at European level. The steady decrease in the quantities of extracted oil both at EU level and in Romania is representative for the new trends regarding energy resources and atmosphere pollution. It is a scientifically proven fact that oil production is a source of CO2 emissions, the main pollution factor in the world. The research presented in this article aims to identify an integrative model for oil production in Romania. This model will allow a better management of Romania's energy resources and the possibility of optimizing them in the future. Three time series models have been developed to model oil production. From their analysis, the most significant model was chosen, with the best indicators. The article aimed at achieving the following results: analysis of the structure and volume of oil production at national and EU level; achieving an integrative model of oil production in Romania; conclusions on oil production in Romania.

Suggested Citation

  • Dr. Victor Platon & Dr. Andreea Constantinescu, 2019. "Econometric Models Of Oil Production In Romania," Management Strategies Journal, Constantin Brancoveanu University, vol. 45(3), pages 132-138.
    • Handle: RePEc:brc:journl:v:45:y:2019:i:3:p:132-138
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    References listed on IDEAS

    as
    1. Victor Platon & Simona Frone & Andreea Constantinescu & Sorina Jurist, 2010. "Current Perspectives and Challenges of Biofuel Production and Consumption," Romanian Journal of Economics, Institute of National Economy, vol. 31(2(40)), pages 107-128, December.
    2. David N. DeJong & Chetan Dave, 2007. "Introduction to Structural Macroeconometrics," Introductory Chapters, in: Structural Macroeconometrics, Princeton University Press.
    3. Victor PLATON & Andreea TURDEANU, 2006. "The Sustainable Development In The Eu And Romania: Comparative Analysis," Romanian Journal of Economics, Institute of National Economy, vol. 23(2(32)), pages 91-99, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Oil production; statistical modelling; simple regression; polynomial equation;
    All these keywords.

    JEL classification:

    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q35 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Hydrocarbon Resources
    • C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General

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