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Intermediate Macroeconomics - Research Paper Example

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Arguably, modern day economic structures of many countries are dependent on crude oil, as the major source for energy and being in significant demand throughout the world. The top suppliers of oil include Russia, Saudi Arabia, The United States, China, Iran, Iraq, United Arab…
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Intermediate Macroeconomics
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Intermediate Macroeconomics

Download file to see previous pages... The core theme of the project revolves round economic and monetary policies that are significantly influenced by the change in global oil prices. In this regard, it is observed that with change in global oil price, the import and export of the same gets highly influenced. The study leads to the comprehensive understanding regarding the development of the nation, hence, it makes interesting to the readers. However, in the essay a general introduction to the topic is provided at the initial phase of the study, which is followed by a study of the trend of oil price in the international market over the past few years. The variables that are prominently used for the purpose of the study are the leading producers and consumers of crude oil in the world. Moreover, an overview of the trend in the import and export of crude oil is also depicted in the study. In lieu of the determined objective, a critical quantitative analysis will be performed with regards to the impact of price change of crude oil on buying and selling economies in the international market, with due consideration to the statistical positions of Saudi Arabia, the US and Australia in terms of buying and selling crude oil. The quantitative analysis tools that are used in the study comprise correlation, mean and median. In this regard, the correlation among the oil price change over the years and the variable of the net export and import is considered. The time period for the same is considered from 2009 to 2013. Furthermore, these data are collected from some of the trusted sources like the Macro Trends, Infomine, Australian Bureau of Statistics, U. S. Department of Energy, and many more and hence, the result is highly reliable. It is expected that the approach taken would bring into a holistic assessment of the topic, with the comparison of data obtained about different countries. Ultimately, a conclusion will be ...Download file to see next pagesRead More
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