Relationship Between Economic Growth and Oil Production in Emerging Countries for the Period 2020-2050

Leovardo Mata Mata, Jaime Humberto Beltran Godoy

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

1 Scopus citations

Abstract

An algorithm of dynamic programming in Montecarlo simulation is devel-oped to analyze the international oil market towards the year 2050. The leading oil exporters are considered, and it is found that the positive relationship between economic growth and oil production will go decreasing. The model suggests that the combination of renewable energies, oil, natural gas, and others will be the variable that will influence economic growth, where oil will no longer be the main actor.

Original languageEnglish
Title of host publicationData Analytics Applications in Emerging Markets
PublisherSpringer Nature
Pages131-144
Number of pages14
ISBN (Electronic)9789811946950
ISBN (Print)9789811946943
DOIs
StatePublished - 1 Jan 2022

Keywords

  • Bellman’s equation
  • Economic growth
  • MonteCarlo
  • Oil demand
  • Renewable energy

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