Abstract
This article examines the oil production dynamics in the world from 1965 to 2020. The linear and exponential production-price supply functions have been investigated, and the world oil production price elasticity has been analysed. The time series fluctuations analysis and trend components are carried out using a shift and autocorrelation function to determine the almost-periods values. The time-critical moments corresponding to phase transitions in the world oil production dynamics are determined. At the initial stage in 1968–2004, the oil resources shortage is latent; it proceeded against the slowly growing production backdrop. However, it was accompanied by an exponential rise in oil prices, which is a similar phenomenon to an expression. The global energy crisis in its essence has become a phase transition from development, which possibilities were practically unlimited, to an oil resources shortage aggravation period. #COMESYSO1120.
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Goryachev, A.A., Dzerjinsky, R.I., Pronina, E.N. (2021). The Oil Production Dynamics Analysis in the World for Half a Century in Value Terms. In: Silhavy, R., Silhavy, P., Prokopova, Z. (eds) Data Science and Intelligent Systems. CoMeSySo 2021. Lecture Notes in Networks and Systems, vol 231. Springer, Cham. https://doi.org/10.1007/978-3-030-90321-3_9
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DOI: https://doi.org/10.1007/978-3-030-90321-3_9
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