$s_t$

$p_t^{br}$

$p_t^{wti}$

Bahrain

−0.0000114*** (0.000000112)

−0.0000129*** (0.000000112)

Kuwait

−0.049*** (0.0003)

−0.054*** (0.0004)

Oman

−0.0000264*** (0.000000401)

−0.0000896*** (0.0000000337)

Qatar

0.994*** (0.002)

0.994*** (0.002)

Saudi Arabia

−0.0000319*** (0.000000232)

−0.0000478*** (0.000000265)

United Arab Emirate

−0.0000123*** (0.000000111)

−0.0000153*** (0.000000113)