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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Aina B. Aidarova & Gulzada Mukhamediyeva & Aizhan A. Yessentayeva & Guliya Utemissova & Karlygash Tastanbekova & Bagila Mustafayeva & Kundyz Myrzabekkyzy, 2024. "Relationship between Oil Exports, Renewable Energy Consumption, Agriculture Industry, and Economic Growth in Selected OPEC Countries: A Panel ARDL Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 14(6), pages 344-352, November.
    • Handle: RePEc:eco:journ2:2024-06-33
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    More about this item

    Keywords

    OPEC; Oil Exports; Renewable Energy Consumption; Agricultural Industry; GDP; Panel ARDL;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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