Open AccessDaqing Crude Oil Price Forecast Based on the ARIMA Model
Author(s) -
Quan Li
Publication year - 2015
Publication title -
the open petroleum engineering journal
Language(s) - English
Resource type - Journals
ISSN - 1874-8341
DOI - 10.2174/1874834101508010457
Subject(s) - autoregressive integrated moving average , crude oil , oil price , china , economics , agricultural economics , econometrics , petroleum engineering , time series , engineering , mathematics , statistics , geography , monetary economics , archaeology
Oil is the lifeblood of the industrial economy, oil prices are affected by many factors. China is a major industrialcountry, changes in the price of oil will affect many aspects of economic development, and therefore the price ofcrude oil research is extremely important. In this paper, monthly average prices of crude oil in Daqing from January 2000to December 2010 are utilized to do the research. Based on ARIMA model by building software using EVIEWS, rule ofoil price movements is found and a prediction of oil price is made using the data from the first 10 months of 2011.