An Economic Dataset for OPEC Oil Economic Functions

In this paper, an economic dataset is proposed for organization of petroleum exporting countries (OPEC) oil studies. The proposed dataset can be used for estimation tasks of various OPEC oil functions such as price function prediction, demand function estimation etc. The economic parameters of the proposed dataset include inflation rate, interest rate, OPEC oil production level, silver price, gold price, market index and U.S. dollar index. Forecasting OPEC oil functions is vital for decision making in energy management. Hence the proposed dataset can be applied in various energy management-based application domains. In Experimental Results Section, we apply artificial neural networks (ANNs) for oil price prediction. The numerical results show the proposed economic parameters can be effectively used for data-mining in OPEC oil parameters.