$s_t$

$p_t^{br}$

$p_t^{wti}$

Bahrain

0.772***

(0.024)

0.744***

(0.022)

Kuwait

0.524***

(0.103)

0.636***

(0.095)

Oman

0.431***

(0.045)

0.253***

(0.041)

Qatar

0.503***

(0.096)

0.656***

(0.079)

Saudi Arabia

2.451***

(0.134)

2.333***

(0.115)

United Arab Emirate

1.982***

(0.067)

1.885***

(0.069)