The Econometric Analysis of the Relationship Between Oil Price, Economic Growth and Export in OPEC Countries

Oil is one of the main inputs demanded by production, heating and transportation sectors in many developed developing countries. In countries where rate industrialization growth high, dependence on oil constantly increasing. Factors such as fact that large reserves are located certain regions world, differences extraction costs, supply demand imbalances cause prices to fluctuate.
 The macroeconomic effects fluctuations affect economies exporting importing different ways. price increases have an increasing effect energy export revenues government budget countries, it has negative production external balance, capacity.
 economy dependent revenues; presence new or increase changes structure favor oil. As a result petroleum-weighted foreign trade, more currency enters country trade balance deteriorates. addition, shifting investments petroleum products predominantly causes neglect other sectors, words, exclude their exports. 
 Countries generate income based exports lose competitiveness markets because they cannot invest R & D, technology productivity. This situation import-dependent economic structure, current account deficits decrease rates.
 aim this study examine relationship between average annual crude (nominal value USD), gross domestic product (2010 $) for OPEC member panel data analysis.