The US was estimated to consume 18,490 thousand barrels per day while China was found to consume 9,875 in the same unit in 2012 (Blanchard & Johnson, 2013). An overview of the trend of the size of imports and exports of crude oil is also depicted in the study. A critical quantitative analysis will be performed in line with the set objective. It will focus on the impacts of oil price changes on the buying and selling economies in the international market. A consideration of the statistical positions of Saudi Arabia, the US and Australia in terms of buying and selling crude oil will also be explored. The quantitative analysis measures that are used in this study are; correlation, mean and median.
In this regard, the correlation between the oil price change over the years and the variable of the net exports and imports are considered. In the actual study, the period of consideration for this analysis is from 2004 to 2013. The correlation between the global price of oil and the total exports is estimated to be 0. The correlation between the oil price and the total imports of the same is observed to be 0.
Also, it is calculated that the correlation between the oil price and total exports of the same for Saudi Arabia is -0. Furthermore, the correlation between the oil price and the total import in Australia is calculated to be 0. These figures are obtained from trusted sources like the Macro Trends, Infomine, Australian Bureau of Statistics, and U. Department of Energy. Such sources are preferred for this study because they are highly reliable.
It is expected that the approach taken would lead to comprehensive assessment of the topic, with a comparison of data obtained about different countries. A conclusion will be obtained from research findings and is expected to be an accurate explanation of the specific idea
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