Oil price shocks drive economic growth disparities in oil-importing vs. exporting countries.
Oil shocks impact the economies of countries differently. Oil-exporting nations like Saudi Arabia and Venezuela see both positive and negative effects on economic growth from oil price changes. In contrast, oil-importing countries like Canada and China experience mainly negative impacts. Real GDP is the key indicator affected by oil prices, which then influences other economic factors. The study also considers the impact of Covid-19 on creating oil shocks.