Panel A: Oil-Importing Countries

Turkey

Jordan

Egypt

Lebanon

0.4283*

(5.38)

0.5484*

(5.042)

0.6462*

(6.586)

−0.1855***

(−1.67)

0.0603***

(1.84)

−0.0008

(−0.018)

0.0612

(0.513)

0.0626

(1.321)

−0.136**

(−2.365)

−0.317

(−1.27)

−0.2283*

(−3.16)

0.4869**

(2.50)

−0.330**

(−3.6)

0.3699*

(6.49)

−0.3026*

(−3.27)

0.6565*

(6.47)

0.5109*

(5.84)

0.0988

(0.391)

0.2413

(1.19)

0.7691*

(20.4)

0.9307*

(7.91)

0.0103**

(2.17)

0.5874**

(2.529)

−0.2608*

(−9.72)

−0.5344*

(−7.34)

0.5446*

(3.036)

0.3972***

(1.746)

0.4902*

(3.207)

0.489*

(5.61)

0.916*

(24.2)

−0.358**

(−2.05)

0.7164*

(11.8)

Panel B: Oil-Importing Countries

Emirates

Saudi

Bahrain

Kuwait

Qatar

Oman

0.2324*

(3.05)

0.0172

(0.183)

0.3271**

(2.54)

0.157

(1.38)

0.179*

(1.911)

−0.0458

(0.477)

0.3294*

(3.107)

0.0908***

(1.76)

0.3321*

(3.694)

0.0421**

(2.48)

−0.4012*

(−4.42)

0.064***

(1.76)

0.1921*

(3.43)

−0.175**

(−2.19)

0.1706

(0.64)

0.2995**

(2.43)

0.1672**

(2.29)

−0.5328*

(−3.64)

0.3661*

(4.08)

0.6354*

(6.559)

0.866*

(5.52)

0.376*

(5.106)

0.448*

(5.42)

0.4442*

(5.83)

0.8993*

(18.82)

0.7387*

(5.753)

0.7699*

(4.77)

0.8662*

(14.47)

0.9016*

(13.41)

0.4892*

(4.24)

0.5477*

(6.707)

0.3710*

(6.897)

0.0491**

(2.37)

0.0906*

(2.58)

0.0879***

(1.82)

0.2779*

(4.51)

−0.2057*

(−6.699)

0.5565*

(4.069)

0.2047

(0.52)

0.3736*

(3.88)

0.0260**

(2.336)

1.016*

(12.2)

0.7733*

(14.13)

0.674*

(8.95)

0.003**

(2.027)

0.8213*

(8.53)

0.7365*

(8.34)

0.7535*

(9.56)