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Informative Article | Business Management | India | Volume 11 Issue 5, May 2022 | Rating: 4 / 10
EIA Data as a Forecasting Tool: Enhancing Accuracy in Oil Production Predictions
Abstract: This paper examines how much U. S. Energy Information Administration (EIA) data oil companies use to forecast supply and demand, as well inventory balances which result from them. Oil companies can enhance their production strategies and improve efficiency using sophisticated forecasting models powered by EIA data. This was done using the EIA data to predict renewable expansion and linear regression time - series analysis with a solid example of application, to demonstrate how these analyses are employed in interpreting this kind on data which can be used for future market trends & production needs.
Keywords: U. S. Energy Information Administration (EIA), Oil production forecasting, Linear regression, Time - series analysis, Inventory management
Edition: Volume 11 Issue 5, May 2022,
Pages: 2119 - 2122