Individual Project This Week Submitting Proposal Project.

Individual Project This week submitting Proposal project. This: Introduction case study the integrated project designed tie newly acquired knowledge energy economics analysis major global issues face career.

The project will be a research paper that analyses the future demand of OPEC oil. In the research, the uncertainty range will be analyzed and researched. There is a continuous growth of energy needs globally, while the oil prospects and gas production are declining. This gives a negative outlook as the energy demands will outweigh its production. The limited amount of oil found globally is an issue that is been discussed widely, which makes oil a valuable resource. The organization of the Petroleum Exporting Countries (OPEC) controls majority of the world's oil, which is produced by its member states.

There are many uncertainties affecting the supply of oil by OPEC members. Currently instability and tensions affecting some countries have led to disruptions in the supply of oil. When there is instability in a member country, the supply of oil is disrupted as this is usually the cause of the conflict. This greatly increases the uncertainties in the range of demand and supply. There are indicators that demonstrate the world has enough oil resources that can satisfy the increasing energy needs for many decades. According to the U.S. Geological Survey it is estimated that there are close to four trillion barrels of oil resources worldwide. This indicates that with the increase of energy it is unlikely that oil will dwindle.

The role assumed for this research is an advisor to OPEC. This role demands for the analysis of current demand and past demand of energy. Using this data the advisor will be in a position to determine the future demand of OPEC oil. There are reports and indicators that state there is a huge demand of energy and the oil reserves are dwindling at an alarming rate. Using this role one will be able to gain access to actual data that will show the true picture. The advisor will use his/her influence to prepare an analysis that will use past and present data. This data will indicate how the demand has been escalating and if the supply is decreasing.

Sources to be used

THE ORGANIZATION OF THE PETROLEUM EXPORTING COUNTRIES 2012. World Oil Outlook.

The World Oil Outlook for 2012 published by OPEC, will be used to provide information in regards to how much oil is currently been produced and how the energy levels are increasing. Using this resource the advisor will be able to analyze the demand of oil in the future and also determine the ranges of uncertainty. The publication also indicates the demand uncertainties that will affect the future of oil in the long-term and medium term The Organization of the Petroleum Exporting Countries, 2012()

DERMOT GATELY, N.A.-Y., AND HAMAD M.H. AL-SHEIKH, 2012. The Rapid Growth of OPEC's Domestic Oil Consumption.

This is a research paper on the rapid growth of domestic consumption of oil in OPEC member states. This paper demonstrates how much oil is consumed in the member countries and how much the country produces. In the paper, it is demonstrated that OPEC's domestic consumption has been increasing rapidly over the last 40 years Dermot Gately, 2012.

The researchers have used data collected from 1971-2010. The researchers have analyzed the demand for oil globally and for the three main groups of oil products.

YOUSEF, N.A. 2013. Demand for Oil Products in OPEC Countries: A Panel Cointegration Analysis. International Journal of Energy Economics and Policy, 3, 168-177.

Yousef (2013)

. This paper examines the consumption of oil products in 7 OPEC countries. The researcher attempts to demonstrate the demand of oil in the OPEC countries and also the production. The researcher also attempts to assess the impact that this demand will have on the future availability of oil exports from OPEC. According to the data collected by Yousef (2013)

for 1980-2010, there has been a considerable increase in the consumption of oil by OPEC countries. This has resulted in the countries becoming the fastest growing oil consumers in the world.

Arguments to be presented

With the increase in the consumption of oil by OPEC members, there is also an increase in the oil the countries produce. Currently it is estimated that OPEC consumes about 10% of the total oil consumed worldwide. It should also be noted that OPEC comprises of 12 countries, which most are developing, and this indicates why there is such an increase. The second argument will be the prospects of long-term demand for oil are affected by higher oil prices and the downward revisions of the medium-term. The long-term demand of oil globally is also affected by the technological advancements in the transportation sector. The main source of growth for the oil sector is transportation. Transportation includes road, aviation, waterways, and marine. It is estimated globally that transportation will greatly increase the demand for oil in OPEC and other countries. There is also a prediction that oil used for electricity generation will decline in the future.

Quantitative methods

Quantitative methods use numbers in describing the outcome of the research. Quantitative research uses measurement as its central process, which provides a fundamental connection between mathematical expression and empirical observation. For this research, the quantitative methods to be used are statistics and surveys. Statistics will require the researcher to collect data that is based on their theory or hypothesis. The data collected need to be validated, verified, and recorded before any analysis can be performed. The data is entered in software packages for statistics like SPSS, which will assist the researcher to establish relationships while controlling variables. For this research, the researcher will measure and study how much oil is produced by each OPEC member state and how much it consumes. This will assist in determining the current demand and also enable for accurate forecasts.