Applications of Particle Swarm Optimization in Oil Demand Estimation

Oil consumption is a major factor in country economy decisions. Prediction of this factor can help in adjustment and making long term plans for oil production, import and export values or decision to use another form of energy such as gas, electricity or nuclear energy. This paper is concerned with the estimationof future oil demands based on particle swarm optimization (PSO) notation which can be used for projection of future oil consumption of anycountry in terms of different parameters such as Gross National Product (GNP), population, import, export, oil production, oil import and car,truck and bus sales. The models developed in quadratic form are applied to the oil demand of Turkey. A comparison has been made between the result of particle swarm algorithm and the previous results generated by genetic algorithm (GA). Case studies show that in this application, the PSO can generate optimal results

Keywords:

Genetic algorithm , Oil estimation , Particle swarm ,