A panel cointegration analysis of the demand for oil in the Middle East

Narayan, Paresh and Smyth, Russell 2007, A panel cointegration analysis of the demand for oil in the Middle East, Energy policy, vol. 35, no. 12, pp. 6258-6265.

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Title A panel cointegration analysis of the demand for oil in the Middle East
Author(s) Narayan, Paresh
Smyth, Russell
Journal name Energy policy
Volume number 35
Issue number 12
Start page 6258
End page 6265
Publisher Pergamon - Elsevier Ltd
Place of publication Oxford, England
Publication date 2007-12
ISSN 0301-4215
1873-6777
Keyword(s) demand for oil
Middle East
panel cointegration
Summary

This article applies recently developed panel unit root and panel cointegration techniques to estimate the long-run income and price elasticities for oil in the Middle East. The results for the panel indicate that demand for oil is highly price inelastic and slightly income elastic in the Middle East. There is considerable variation in the results for the income variable across countries, with the coefficient on the income variable statistically insignificant for several countries. The coefficient on the price variable is statistically significant in all cases with the expected sign and the price elasticity is uniformly low. While the results for the income variable differ across countries, the results for the panel as a whole suggest that the demand for oil in the Middle East is being driven largely by strong economic growth, while consumers are largely insensitive to price changes.

Language eng
Field of Research 140305 Time-Series Analysis
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2007, Elsevier Ltd
Persistent URL http://hdl.handle.net/10536/DRO/DU:30007776

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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