Soft computing approach for predicting OPEC countries’ oil consumption

Human activities in todays modern world would not be possible without energy. The energy consumed by the Organization of the Petroleum Exporting Countries (OPEC) has increased significantly. In this paper, a soft computing method is proposed for predicting oil consumption in OPEC countries. The sign...

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Main Authors:	Chiroma, Haruna, Abubakar, Adamu, Herawan, Tutut
Format:	Article
Language:	English English
Published:	Inderscience 2017
Subjects:	Q350 Information theory
Online Access:	http://irep.iium.edu.my/57079/ http://irep.iium.edu.my/57079/ http://irep.iium.edu.my/57079/ http://irep.iium.edu.my/57079/1/IJOGCT150305%20H.%20CHIROMA.pdf http://irep.iium.edu.my/57079/7/57079_Soft%20computing%20approach_SCOPUS.pdf

id	iium-57079
recordtype	eprints
spelling	iium-570792017-07-12T03:53:04Z http://irep.iium.edu.my/57079/ Soft computing approach for predicting OPEC countries’ oil consumption Chiroma, Haruna Abubakar, Adamu Herawan, Tutut Q350 Information theory Human activities in todays modern world would not be possible without energy. The energy consumed by the Organization of the Petroleum Exporting Countries (OPEC) has increased significantly. In this paper, a soft computing method is proposed for predicting oil consumption in OPEC countries. The significant, positive relationship among the oil consumption values of OPEC countries is also investigated. It was found that it is possible to predict the oil consumption of any OPEC country on the basis of the oil consumption of other OPEC countries with minimum and maximum accuracy of 94.6268% and 97.0994%, respectively. Statistical result validation clearly shows that the oil consumption predicted with the proposed model and the actual oil consumption are statistically equal. The findings of this research can be applied for the efficient formulation of policies related to energy. Furthermore, energy consumption prediction is required for the management of greenhouse emissions, the creation of effective risk management frameworks, and revenue generation analysis. Inderscience 2017 Article PeerReviewed application/pdf en http://irep.iium.edu.my/57079/1/IJOGCT150305%20H.%20CHIROMA.pdf application/pdf en http://irep.iium.edu.my/57079/7/57079_Soft%20computing%20approach_SCOPUS.pdf Chiroma, Haruna and Abubakar, Adamu and Herawan, Tutut (2017) Soft computing approach for predicting OPEC countries’ oil consumption. International Journal of Oil, Gas and Coal Technology, 15 (3). pp. 298-316. ISSN 1753-3317 E-ISSN 1753-3309 http://www.inderscience.com/info/ingeneral/forthcoming.php?jcode=ijogct 10.1504/IJOGCT.2017.084435
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	Q350 Information theory
spellingShingle	Q350 Information theory Chiroma, Haruna Abubakar, Adamu Herawan, Tutut Soft computing approach for predicting OPEC countries’ oil consumption
description	Human activities in todays modern world would not be possible without energy. The energy consumed by the Organization of the Petroleum Exporting Countries (OPEC) has increased significantly. In this paper, a soft computing method is proposed for predicting oil consumption in OPEC countries. The significant, positive relationship among the oil consumption values of OPEC countries is also investigated. It was found that it is possible to predict the oil consumption of any OPEC country on the basis of the oil consumption of other OPEC countries with minimum and maximum accuracy of 94.6268% and 97.0994%, respectively. Statistical result validation clearly shows that the oil consumption predicted with the proposed model and the actual oil consumption are statistically equal. The findings of this research can be applied for the efficient formulation of policies related to energy. Furthermore, energy consumption prediction is required for the management of greenhouse emissions, the creation of effective risk management frameworks, and revenue generation analysis.
format	Article
author	Chiroma, Haruna Abubakar, Adamu Herawan, Tutut
author_facet	Chiroma, Haruna Abubakar, Adamu Herawan, Tutut
author_sort	Chiroma, Haruna
title	Soft computing approach for predicting OPEC countries’ oil consumption
title_short	Soft computing approach for predicting OPEC countries’ oil consumption
title_full	Soft computing approach for predicting OPEC countries’ oil consumption
title_fullStr	Soft computing approach for predicting OPEC countries’ oil consumption
title_full_unstemmed	Soft computing approach for predicting OPEC countries’ oil consumption
title_sort	soft computing approach for predicting opec countries’ oil consumption
publisher	Inderscience
publishDate	2017
url	http://irep.iium.edu.my/57079/ http://irep.iium.edu.my/57079/ http://irep.iium.edu.my/57079/ http://irep.iium.edu.my/57079/1/IJOGCT150305%20H.%20CHIROMA.pdf http://irep.iium.edu.my/57079/7/57079_Soft%20computing%20approach_SCOPUS.pdf
first_indexed	2023-09-18T21:20:38Z
last_indexed	2023-09-18T21:20:38Z
_version_	1777411857825398784

Soft computing approach for predicting OPEC countries’ oil consumption

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