Panel A: Crude Oil (WTI) and Oil-Importing Countries

WTI

Turkey

Jordan

Egypt

Lebanon

0.272*

(2.819)

0.171*

(2.418)

0.135*

(3.277)

0.106***

(1.78)

0.257*

(3.625)

0.587**

(2.200)

0.765*

(8.659)

0.852*

(28.35)

0.734*

(3.788)

0.738*

(12.987)

0.859

0.936

0.987

0.830

0.995

logL

201.4

160.7

303.6

176.8

289.8

D-W

1.65

2.11

2.00

1.84

1.99

Panel B: Oil-Exporting Countries

Saudi

Bahrain

Kuwait

Qatar

Oman

Emirates

0.225*

(3.519)

0.031***

(1.881)

0.120***

(1.953)

0.191*

(3.235)

0.198**

(2.256)

0.216*

(4.336)

0.769*

(14.16)

0.834*

(4.443)

0.612*

(2.79)

0.745*

(10.32)

0.570*

(3.361)

0.774*

(17.18)

0.994

0.865

0.732

0.936

0.768

0.990

logL

233.8

285.3

287.3

222.4

277.9

105.2

D-W

1.97

2.14

1.96

2.02

1.97

1.92