Crude oil, being the leading provider of energy on this planet, is closely monitored, forecasted and heavily traded in the world market. The International Energy Agency (IEA) is one of the noted agencies in charge of accounting for current supply and estimating oil future demand. As Sohbet Karbuz reports in his article, Confessions of a Statistician, the accounting of these fundamentals is complex, requires significant guess work and be subject to fraud and misreported information. This makes the ability to accurately estimate the overall demand difficult to quantify in advance. Karbuz explains that the price of oil can be influenced by inaccurate speculation. Is the demand for energy or oil outpacing the available supply? Errors and flaws in the auditing procedures of the IEA and other agencies with similar responsibilities, has had a significant effect on the perceived supply and demand of oil and thereby impacting the price per barrel on the world market.
Basic economics......

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Title: Supply V. Demand: False Perceptions That Impact Crude Oil Pricing
Approximate Word Count: 868
Approximate Pages: 4 (250 words per double-spaced page)

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