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Oil Price and Energy Depletion Nexus in GCC Countries: Asymmetry Analyses

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  • Tarek Tawfik Yousef Alkhateeb

    (College of Business Administration, Prince Sattam bin Abdulaziz University, P.O. Box 173 Al-Kharj 11942, Saudi Arabia
    Department of Economics, Kafr Elshiekh University, Kafr Elshiekh 33511, Egypt)

  • Haider Mahmood

    (College of Business Administration, Prince Sattam bin Abdulaziz University, P.O. Box 173 Al-Kharj 11942, Saudi Arabia)

Abstract

Oil price has played a prominent role in oil exporter economies and may also affect energy depletion in oil-dependent countries. Considering asymmetry, the relationship between oil price (OP) and energy depletion has been investigated in the Gulf Cooperation Council (GCC) region from 1970 to 2017. We find asymmetrical positive effects of OP on the energy depletion in the panel of the GCC region. To avoid aggregation biasness in the panel estimates, we also conduct a time-series analysis on each GCC country. We find a positive impact of increasing OP on the energy depletion in six GCC countries, and this effect is found to be elastic in the case of all countries except for Kuwait. Positive effects of decreasing OP on the depletion are also found in all the GCC countries, and these effects are found to be elastic or unit elastic in the case of all countries except Saudi Arabia. Asymmetry in the relationship of oil price and energy depletion is established for Bahrain, Kuwait, and Saudi Arabia in terms of the different magnitude of effects.

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  • Tarek Tawfik Yousef Alkhateeb & Haider Mahmood, 2020. "Oil Price and Energy Depletion Nexus in GCC Countries: Asymmetry Analyses," Energies, MDPI, vol. 13(12), pages 1-13, June.
    • Handle: RePEc:gam:jeners:v:13:y:2020:i:12:p:3058-:d:370939
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