Crude oil has been refined to make such fuels as diesel and petrol as well as industrial chemicals and lubricants. Transport activity, as a core element of economic development and a precondition of human welfare, is increasing across the globe with the growth of economies. Transport predominantly relies on such fossil resource as petroleum. The literature relevant for this study can be divided into two parts or strands: one that focuses on the demand side and another one that gives analysis to the oil market by focusing on the supply side. This paper absorbs the ideas of both strands ...
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