The Effect of Oil Prices, Oil Demand, Oil Licensing Round, Oil Product Capacity, Oil Sector Development, and Inflation on The Economic Development of Iraq's Economy

Abstract

The oil-producing nations contribute significantly to the economic expansion of the oil exporting business. Political instability and infrastructure degradation have negatively impacted Iraq's economic growth. Less economic stability is a significant factor in Iraq's inflation rate. This study aims to determine the impact of oil prices, oil demand, licensing rounds, oil product capacity, oil sector development, and inflation on Iraq's economic development. This research uses secondary data from papers and surveys to determine its findings. The study indicated that oil prices, oil demand, the oil licensing round, oil product capacity, oil sector development, and inflation have an essential impact on Iraq's economic growth. This work is novel from a theoretical standpoint because previous research has ignored this gap in the literature. This study has produced empirical proof of economic growth in Iraq due to the oil industry and the issuance of oil licenses to various enterprises, which has significant consequences for practice.