Oil consumption forecasting using Arima models: An empirical study for Greece
Oil consumption forecasting using Arima models: An empirical study for Greece
This paper aims at modeling and forecasting oil consumption in Greece using Box-Jenkins methodology during 960-2020. Forecasting oil consumption was accomplished both with static and dynamic procedure, in and out-of-sample using various forecasting criteria. The results of our paper present a downturn in oil consumption for the following years due to two basic factors. The first is referred to Covid-19 pandemia where economic activity of the country decreased as well as business revenues.