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The Oil Market: a Statistical Inference of the World’s Largest Producers from 1993 to 2020
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DOI: https://doi.org/10.15866/irea.v11i3.23123
Abstract
This paper aims to perceive associations and statistical inferences of the largest world oil producers through the contributions and singularities of this market from 1993 to 2020. Based on OPEC indexes, it has been possible to identify the possible inferences and assistance of the ten largest oil producers in the world in more than two decades by using correlation regression and statistical analysis of variables. According to the research and the literature on the area, the oil market supports its discussions, mainly in its productive approaches. It is possible to identify this market as a solid link to geopolitical actions, distributing the possibilities through economic bias and socio-cultural and historical factors globally. Some critical statistical results for the discussion can be seen in the significance of variables such as Profitability of oil & Consumption of energy from fossil fuels (p = 0.784) or Production of Crude Oil and Gas & GPD (p = 0.502). The regression has also favored a level of significance for the research (R = 0.998), making continuity viable given the execution of new biases or perspectives, such as Quality of Life and Governance, from the perspective of this same market.
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