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Oil demand-supply equilibria in some selected regions: macroeconomic implications for market stability and energy security

Author

Listed:
  • Tom Ezi Chukwugozeim

    (Delta State University, Nigeria)

  • Young U. Okwuise

    (Delta State University, Nigeria)

  • Muhammad Abdulgaffar

    (Ahmadu Bello University, Nigeria)

  • Jeroh Edirin
  • Moses Oghenebrozie Emumeena
  • Omoye Ezie Israel
  • Joseph Ikpea Igiagbe
  • Bernard Osahon Odiase

Abstract

The relationship between Gross National Income and the unemployment rate in the context of regional oil demand-supply equilibria was examined, emphasizing their macroeconomic implications on market stability and energy security. The analysis employs GMM to investigate short-term dynamics and also utilizes forecasts from the OPEC and World Bank, in conjunction with projections from the World Energy Outlook and Global Economic Prospects. The GNI has a positive and statistically significant effect on oil demand-supply balance, while unemployment shows a negative but statistically significant influence. The analyses indicate that the models sufficiently exhibit stability, and results' reliability. This study provides oil demand analysis from the combined effect of historical trends with expected future changes, including the macroeconomic forecasts. This study underscores the significance of strategies that integrate economic growth with job creation and diversification of economy toward ensuring stability in energy markets.

Suggested Citation

  • Tom Ezi Chukwugozeim & Young U. Okwuise & Muhammad Abdulgaffar & Jeroh Edirin & Moses Oghenebrozie Emumeena & Omoye Ezie Israel & Joseph Ikpea Igiagbe & Bernard Osahon Odiase, 2025. "Oil demand-supply equilibria in some selected regions: macroeconomic implications for market stability and energy security," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 16, pages 36-51, November.
    • Handle: RePEc:jes:journl:y:2025:v:16:p:36-51
    DOI: https://doi.org/10.47743/ejes-2025-SI03
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