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Predicting oil prices is a tricky business.
But there is good reason for caution in predicting oil trends.
Then again, predicting oil prices can be as easy as forecasting how much it will snow.
Even analysts who do not see an oil bubble still say predicting oil prices is becoming a hopeless task.
"Predicting oil prices continually demonstrates the perils of prophecy, because oil prices are the derivative of what happens in the global economy and global geopolitics," said Daniel Yergin, chairman of Cambridge Energy Research Associates.
The proposed methods are applied to a petroleum engineering problem; predicting oil production.
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Predicting oil-in-water emulsion droplet size and stability in turbulent flow is useful for choosing separation processes in heavy oil extraction.
An oil production prediction system was developed which can predict oil production over time for a given EOR sequence.
Because of this successful prediction and the social concern about oil shortage, using bell-shaped curves to predict oil production has become especially popular.
But will the predicted oil revenues be used transparently?
As a result he predicts oil prices will go lower, taking more jobs with it.
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