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Forecast Crude Oil Production Using Facebook’s Prophet Model
Step-by-step tutorial on how to make predictions on univariate time series datasets..
In Python, Facebook’s Prophet library is designed for making forecasts for univariate time series datasets. In this post, we will show how to utilize the Prophet library to forecast the Canadian crude oil production until 2025.
Why Canadian Crude Oil Production Data?
Over the next two decades, the global population is expected to grow by nearly two billion while the global middle class is expected to nearly double. Countries will be more urbanized and industrialized, and will consume more energy than today. Canada thus has a significant role to play in meeting the global crude oil demand. The country is currently the world’s sixth largest oil producer and has an opportunity to gain global market share, replacing less sustainably produced oil sources. Therefore, I have taken a purely data-centric approach to forecast Canadian crude oil production.
Project Pre-Requisites
If you do not have Prophet library already installed on your local system, you can use the following code in command prompt:
pip install prophet
