Relationship between Oil Exports, Renewable Energy Consumption, Agriculture Industry, and Economic Growth in Selected OPEC Countries: A Panel ARDL Analysis

Aina B. Aidarova, Gulzada Mukhamediyeva, Aizhan A. Yessentayeva, Guliya Utemissova, Karlygash Tastanbekova, Bagila Mustafayeva and Kundyz Myrzabekkyzy
Additional contact information
Aina B. Aidarova: M. Auezov South Kazakhstan University, Shymkent, Kazakhstan
Gulzada Mukhamediyeva: Q University, Almaty, Kazakhstan
Aizhan A. Yessentayeva: M. Auezov South Kazakhstan University, Shymkent, Kazakhstan
Guliya Utemissova: M. Auezov South Kazakhstan University, Shymkent, Kazakhstan
Karlygash Tastanbekova: International Taraz Innovative Institute named after Sherhan Murtaza, Taraz, Kazakhstan
Bagila Mustafayeva: International University of Tourism and Hospitality, Turkestan, Kazakhstan
Kundyz Myrzabekkyzy: Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 6, 344-352

Abstract: This study uses the panel ARDL method to analyze the relationship between oil exports, renewable energy consumption, agricultural industry, and economic growth in selected OPEC member countries. The study examined data from 9 OPEC countries from 1990 to 2024. The findings showed that while oil exports in OPEC countries have a positive long-term effect, they have a negative short-term impact in Nigeria and a positive short-term impact in other countries. The consumption of renewable energy has been found to have a negative long-term effect. However, the short-term impact varies from country to country, with the observation that the short-term effect is insignificant in most countries. The long-term effect of the food production index is statistically insignificant. On the other hand, the short-term effect varies significantly among countries, with a notable negative impact in some countries. Notably, Equatorial Guinea stands out from other variables, as all variables have insignificant effects in the short term. Research findings have demonstrated that oil exports play a supportive role in the economic growth of OPEC countries.

Keywords: OPEC; Oil Exports; Renewable Energy Consumption; Agricultural Industry; GDP; Panel ARDL (search for similar items in EconPapers)
JEL-codes: C13 C20 C22 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2024-06-33

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