Establishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply
Abstract Low oil prices under the influence of economic structure transformation and slow economic growth have hit the existing markets of traditional big oil suppliers and upgraded the conflict of oil production capacity and interest between OPEC producers and other big oil supplier countries such...
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KeAi Communications Co., Ltd.
2017
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oai:doaj.org-article:5807427d28b24b398a9074be49fdacd92021-12-02T00:17:38ZEstablishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply10.1007/s12182-017-0168-z1672-51071995-8226https://doaj.org/article/5807427d28b24b398a9074be49fdacd92017-06-01T00:00:00Zhttp://link.springer.com/article/10.1007/s12182-017-0168-zhttps://doaj.org/toc/1672-5107https://doaj.org/toc/1995-8226Abstract Low oil prices under the influence of economic structure transformation and slow economic growth have hit the existing markets of traditional big oil suppliers and upgraded the conflict of oil production capacity and interest between OPEC producers and other big oil supplier countries such as the USA and Russia. Forecasting global oil production is significant for all countries for energy strategy planning, although many past forecasts have later been proved to be very seriously incorrect. In this paper, the original generalized Weng model is expanded to a multi-cycle generalized Weng model to better reflect the multi-cycle phenomena caused by political, economic and technological factors. This is used to forecast global oil production based on parameter selection from a large sample, depletion rate of remaining resources, constraints on oil reserves and cycle number determination. This research suggests that the world will reach its peak oil production in 2022, at about 4340 × 106 tonnes. China needs to plan for oil import diversity, a domestic oil production structure based on the supply pattern of large oil suppliers worldwide and the oil demand for China’s own development.Yi JinXu TangCui-Yang FengJian-Liang WangBao-Sheng ZhangKeAi Communications Co., Ltd.articleOil productionMulti-cycleGeneralized Weng modelEnergy strategyScienceQPetrologyQE420-499ENPetroleum Science, Vol 14, Iss 3, Pp 616-621 (2017) |
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DOAJ |
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DOAJ |
| language |
EN |
| topic |
Oil production Multi-cycle Generalized Weng model Energy strategy Science Q Petrology QE420-499 |
| spellingShingle |
Oil production Multi-cycle Generalized Weng model Energy strategy Science Q Petrology QE420-499 Yi Jin Xu Tang Cui-Yang Feng Jian-Liang Wang Bao-Sheng Zhang Establishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply |
| description |
Abstract Low oil prices under the influence of economic structure transformation and slow economic growth have hit the existing markets of traditional big oil suppliers and upgraded the conflict of oil production capacity and interest between OPEC producers and other big oil supplier countries such as the USA and Russia. Forecasting global oil production is significant for all countries for energy strategy planning, although many past forecasts have later been proved to be very seriously incorrect. In this paper, the original generalized Weng model is expanded to a multi-cycle generalized Weng model to better reflect the multi-cycle phenomena caused by political, economic and technological factors. This is used to forecast global oil production based on parameter selection from a large sample, depletion rate of remaining resources, constraints on oil reserves and cycle number determination. This research suggests that the world will reach its peak oil production in 2022, at about 4340 × 106 tonnes. China needs to plan for oil import diversity, a domestic oil production structure based on the supply pattern of large oil suppliers worldwide and the oil demand for China’s own development. |
| format |
article |
| author |
Yi Jin Xu Tang Cui-Yang Feng Jian-Liang Wang Bao-Sheng Zhang |
| author_facet |
Yi Jin Xu Tang Cui-Yang Feng Jian-Liang Wang Bao-Sheng Zhang |
| author_sort |
Yi Jin |
| title |
Establishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply |
| title_short |
Establishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply |
| title_full |
Establishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply |
| title_fullStr |
Establishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply |
| title_full_unstemmed |
Establishment of a multi-cycle generalized Weng model and its application in forecasts of global oil supply |
| title_sort |
establishment of a multi-cycle generalized weng model and its application in forecasts of global oil supply |
| publisher |
KeAi Communications Co., Ltd. |
| publishDate |
2017 |
| url |
https://doaj.org/article/5807427d28b24b398a9074be49fdacd9 |
| work_keys_str_mv |
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| _version_ |
1718403800794923008 |