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.
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For the full publication, please contact the author directly at: maimustafausman@gmail.com
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Institutions
- Jigawa State Polytechnic, Dutse, Jigawa State 4
- Joseph Sarwuan Tarka University, Makurdi, Benue State 19
- Kaduna Polytechnic (NCE), Kaduna, Kaduna State 2
- Kaduna Polytechnic, Kaduna 360
- Kaduna Polytechnic, Kaduna , Kaduna State (affl To Fed Univ of Tech, Minna) 7
- Kaduna State College of Education, Gidan-Waya (affliatted To Abu) 2
- Kaduna State University, Kaduna, Kaduna State 252
- Kano State Polytechnic, Kano, Kano State 198
- Kano University of Science and Technology, Wudil, Kano State 6
- Kashim Ibrahim University 15