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
For the full publication, please contact the author directly at: maimustafausman@gmail.com
Filters
Institutions
- Covenant University, Canaan Land, Ota, Ogun State 4
- Crawford University of Apostolic Faith Mission Faith City, Igbesa, Ogun State 2
- Crescent University, Abeokuta, Ogun State 1
- Cross Rivers University of Technology, Calabar, Cross Rivers State 144
- Delta State Polytechnic, Ogwashi-Uku, Delta State 14
- Delta State Polytechnic, Otefe, Delta State 13
- Delta State University, Abraka, Delta State 142
- Ebonyi State University, Abakaliki, Ebonyi State 18
- Edo University, Iyamho, Edo State 11
- Ekiti State University 60