Review of India's crude oil production history and its peak oil period estimation using Hubbert's theory and a technique based on statistical analysis
by Jatin R. Agarwal; Meet J. Shah
International Journal of Business and Globalisation (IJBG), Vol. 29, No. 1, 2021

Abstract: The paper focuses on peak oil period estimation of one of the fastest growing economies of the world, India. Complete information of independent India's conventional crude oil production history (1950-2016) was gathered along with the seven major factors influencing its production namely crude oil consumption, crude oil import, crude oil export, crude oil reserve, rig count, Brent and gross domestic product. Pearson correlation, factor analysis and cluster tree analysis were conducted on the seven mentioned parameters. Furthermore, Hubbert's theory along with a novel technique based on nonlinear regression was utilised to estimate and predict the peak time of crude oil production of India. The developed statistical model indicates that the peak oil time for conventional crude of India has already occurred in 2012 and the estimation of peak oil time of India to occur in 2018 from Hubbert's theory might be an overestimation. The objective of the research is to find the dominant factors influencing the crude oil production of India and to develop a novel procedure to give realistic estimate of peak oil time of India's conventional crude oil production with the help of Hubbert's theory.

Online publication date: Mon, 06-Sep-2021

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Business and Globalisation (IJBG):
Login with your Inderscience username and password:

    Username:        Password:         

Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email