A Multiple Regression Analysis of Production and Export Factors on Modeling Crude Oil Prices (2006–2024)

Student: Usman Mustafa Mai (Project, 2025)
Department of Computer Science and Mathematics
Kashim Ibrahim University

Abstract

This study investigates the relationship between crude oil prices, production levels, and export volumes in Nigeria from 2006 to 2024. Using multiple regression analysis, the research examines how changes in production and export activities influence crude oil prices. The findings reveal weak positive correlations, indicating that both production and export have limited effects on price fluctuations. The regression model explains only a small portion of the variation in crude oil prices, suggesting that global market forces and external economic factors play a more significant role. The study recommends economic diversification and improved policy measures to enhance stability in Nigeria’s oil-dependent economy.

Keywords
multiple regression analysis production export factors modeling crude prices
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