  Oil production forecasting is an important step in controlling the
cost-effect and monitoring the functioning of petroleum reservoirs. As a
result, oil production forecasting makes it easier for reservoir engineers to
develop feasible projects, which helps to avoid risky investments and achieve
long-term growth. As a result, reliable petroleum reservoir forecasting is
critical for controlling and managing the effective cost of oil reservoirs. Oil
production is influenced by reservoir qualities such as porosity, permeability,
compressibility, fluid saturation, and other well operational parameters.
Three-time series algorithms i.e., Seasonal Naive method, Exponential
Smoothening and ARIMA to forecast the Distillate Fuel Oil Refinery and Propane
Blender net production for the next two years.
