| Abstract [eng] |
52 pages, 3 pictures, 5 tables, 83 references The main goal of this paper is to assess factors affecting oil prices in developed and developing countries and distinguish different effects and variables related to this topic. All paperwork is defined into the three parts. Firstly, this paper includes the most important and at the same time the newest findings on this topic. Secondly, the methodology, which described applied research and the last part encompass results of used quantitative research. After examining literature, the lack of models analyzing relation between factors affecting oil prices and country development has been indicated. It created extra space for analysis of this topic as there were no models including factors from different fields. In this paperwork 10 different factors were used: 5 global and 5 internal. This included observations from period of 1980 – 2017 by representing economically developed and still developing markets. For research purposes representor of economically developed country was the United States of America with WTI oil benchmark and for developing country – Nigeria with Bonny light oil benchmark. All received results allowed to reject null hypothesis in 10% statistical significance. Based on this information conclusion has been done stating that factors effecting oil prices in differently developed countries are different. Dummy variables which showed difference on oil prices affect towards countries development concluded that economically developed countries‘ oil prices are mostly impacted by internal factors (currency exchange, quantity of oil reserves and refining capabilities) meanwhile, developing countries‘- by global factors (global inflation, divergent use of substitute goods and world GDP changes). Although this research encompassed the coefficient of determination of 0,902067 (developed countries) and 0,779735 (developing countries) the limitations are still applicable. In order to overcome this further researches must include less correlated factors and cover larger number of observations as well as expanded list of different oil production costs and political factors. |
