Oil Price and Production on the economy

Abstract This paper explores and examines the effect of oil price and production on world economic. In other word, different research topics related to oil prices and productions such as how oil production affects the prices, which countries produce the oil the most, how US economy is affected by oil prices and production, what are the factors that influences oil prices, and oil production will be discussed. Prior to presenting the existing research findings, the paper starts with introducing the importance of economy in a country and explores several peer-reviewed published research articles related to the topic of oil price, production and its effects on economy. A large number of studies had been researched to determine how the oil production and prices influence on the world economy using different methodologies with different time period data. The conclusion reached from the studies and their statistical methods are briefly noted. The paper also discusses key findings and results from the data mining using the datasets from British Petroleum and International Monetary Fund. The results from the data mining imply that oil price, and oil production could have some relationship with world economy. However, since data mining is done on 10 years period, statistical analysis and data mining of more than 10 years would bring to the answer of whether there is a real relationship among them. Overall, this paper will give different aspects of research findings to see if oil prices and production have importance on the economy, and data mining results of oil related datasets were discussed