The Influence of Oil Prices, Licensing and Production on the Economic Development: An Empirical Investigation of Iraq Economy

Abstract

Economic development is the foremost requirement for every nation around the globe and captures the attention of upcoming studies and regulators. Therefore, this study investigates the influence of oil prices, licensing round, oil demand, oil production, and oil sector development on the economic development in Iraq. This study has followed the quantitative methods and extracted secondary data from World Development Indicators (WDI) and trading economies from 1981 to 2019. This study has executed the Augmented Dickey-Fuller (ADF) unit root test to check the stationarity of the variables and autoregressive distributed lag model (ARDL) to examine the relationships among the variables. This study has revealed that oil prices, licensing round, oil demand, oil production, and oil sector development have a positive and significant association with economic development in Iraq. This study is suitable for the upcoming researchers while examining this area in the future and also guided the regulators while developing the regulations related to the oil sector