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Oil Price—A Sensor for the Performance of Romanian Oil Manufacturing Companies

Author

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  • Adrian Neacsa

    (Mechanical Engineering Department, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania
    School of Advanced Studies of the Romanian Academy (SCOSAAR), 010071 Bucharest, Romania)

  • Jianu Daniel Muresan

    (Department of Business Administration, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania)

  • Marian Catalin Voica

    (Department of Cybernetics, Economic Informatics, Finance and Accounting, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania)

  • Otilia Manta

    (Romanian Academy, Victor Slavescu Centre for Financial and Monetary Research, 050711 Bucharest, Romania
    Romanian Academy, CE-MONT Mountain Economy Center, 725700 Vatra Dornei, Romania)

  • Mihail Vincentiu Ivan

    (Department of Cybernetics, Economic Informatics, Finance and Accounting, Petroleum-Gas University of Ploiesti, 100680 Ploiești, Romania)

Abstract

This article presents the influence of the evolution of the oil price on the international markets on the strategies of companies whose main activity is the manufacture of oil equipment for the Romanian oil industry. As a tool for economists and specialists in the oil industry, such a study helps to develop economic strategies and management decisions based on forecasts of oil price developments. Based on statistical data for the annual oil price on international markets and the turnover of the oil companies, an analysis was proposed which showed that the trends in the mathematical models are similar, which highlights that economic activities in the oil sector are sensitive to the evolution of oil price. Management strategies are based on anticipating changes in the corporate environment, assessing the company’s internal potential and making the necessary changes to bring it in line with the economy, its mission, and the objectives set to ensure its survival and continuity. These views make it possible to analyse and forecast oil prices; upward trends will encourage companies to design and develop strategies that include investments to expand production capacity, and downward trends will synergistically lead to downsizing strategies. Variations in company production will generate an economic, social, and environmental impact in the countries where they operate.

Suggested Citation

  • Adrian Neacsa & Jianu Daniel Muresan & Marian Catalin Voica & Otilia Manta & Mihail Vincentiu Ivan, 2023. "Oil Price—A Sensor for the Performance of Romanian Oil Manufacturing Companies," Energies, MDPI, vol. 16(5), pages 1-18, February.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:5:p:2336-:d:1083622
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    References listed on IDEAS

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