Oil Economics

Oil is a most precious usable and important source of energy in the world. The human consume commodities and pay the price. Of these commodities the oil is the one of much use all over the world and particularly in the developed-industrialized countries. The oil price is yet to stabilize largely due to deleveraging of financial positions in oil which is exaggerating the fall in oil price. This study is mainly intended to look into the variables such as global oil production (supply) oil consumption (demand) and price behaviour of oil from 1965-66 to 2014-15 and also projected the same up to 2034-35. The study has built a model of demand and supply for global oil.