Oil price increase slows production, raises prices globally, study finds.
The article looks at how the economy reacts to changes in oil prices. It compares two types of oil prices to see how they affect economic behavior. The study finds that when oil prices go up, industrial production slows down and prices go up. However, the impact on industrial production lasts longer when using the world average oil price compared to the imported oil price. This means that global oil price changes have a bigger effect on industrial production than country-specific oil price changes.