The Effect In Changes of Persian Gulf Country Crude Oil Production, Usa Crude Oil Production, OECD Country Oil Consumption To The World Oil Price Changes
Wahyu Nurmanto1, Mohamad Adam2, Marlina Widiyanti3
1Wahyu Nurmanto, (Corresponding Author), Candidate Master of Management in Magister Management University of Sriwijaya, Indonesia.
2Prof. Dr. Mohamad Adam, S.E,. M.E, Lectures in Faculty Economic University of Sriwijaya, Indonesia.
3Hj. Marlina Widiyanti, S.E., S.H., M.M., Ph.D., Lectures in Faculty Economic University of Sriwijaya, Indonesia.
Manuscript received on June 30, 2019. | Revised Manuscript received on July 09, 2019. | Manuscript published on July 15, 2019. | PP: 32-36 | Volume-3 Issue-11, July 2019. | Retrieval Number: K03080731119/2019©BEIESP | DOI10.35940/ijmh.K0308.0731119
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Abstract: There are background issues has generated this study, which one from the global crude oil price get reduced to around 70% in the second semester of 2014. Several observations were associated with an imbalance between the pattern of supply and demand for crude oil. This study is purposed at examining the effect of the variable crude oil production from the Gulf Country and the USA, furthermore is the variable consumption of crude oil on changes in the price of WTI crude oil (West Texas Intermediate). The secondary data has obtained by U.S. agencies. Energy Information Administration (EIA). The results processed by multiple linear regression methods in the period of observation Q3 2001 – Q4 2018, the results describe that the variables of crude oil production from Saudi countries (Persian Gulf Country) give a significant negative result (β = -4.993; significant level 0.028), and for USA Oil production variable gives a significant positive result (β = 0.177; significant level 0,000) whereas OECD country consumption shows a positive result that is not significant for changes in crude oil prices (β = 1,926; significant level 0.058).
Keywords: Supply and Demand, Production, Persian Gulf Country, Consumption, WTI.