The Oxford Institute for Energy Studies – Forecasting Global Oil Demand: Application of Machine Learning Techniques

The "Forecasting Global Oil Demand: Application of Machine Learning Techniques" study by The Oxford Institute for Energy Studies introduces a novel approach to predicting global oil demand by integrating machine learning (ML) techniques. This study forecasts consumption across seven refined oil products and seven key regions, offering a comprehensive view of global demand trends. It examines the efficacy of ML models in providing robust and accurate demand forecasts, providing a transparent and repeatable process. A comparison between the extreme gradient boosting (XGBoost) model and Neural Hierarchical Interpolation for Time Series Forecasting (N-HiTS) model was conducted, demonstrating that N-HiTS performs better.