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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| Format: | Article |
| Language: | English English |
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Inderscience
2017
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| Online Access: | 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 |
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| author | Chiroma, Haruna Abubakar, Adamu Herawan, Tutut |
| author_facet | Chiroma, Haruna Abubakar, Adamu Herawan, Tutut |
| author_sort | Chiroma, Haruna |
| building | IIUM Repository |
| collection | Online Access |
| 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. |
| first_indexed | 2025-11-14T16:44:00Z |
| format | Article |
| id | iium-57079 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T16:44:00Z |
| publishDate | 2017 |
| publisher | Inderscience |
| recordtype | eprints |
| repository_type | Digital Repository |
| 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 |
| spellingShingle | Q350 Information theory Chiroma, Haruna Abubakar, Adamu Herawan, Tutut Soft computing approach for predicting OPEC countries’ oil consumption |
| title | 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_short | Soft computing approach for predicting OPEC countries’ oil consumption |
| title_sort | soft computing approach for predicting opec countries’ oil consumption |
| topic | Q350 Information theory |
| 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 |