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) | ||||