ANALYSIS OF THE IMPACT OF OIL PRICE CHANGES ON THE GDP PER CAPITA OF OPEC COUNTRIES
ANALYSIS OF THE IMPACT OF OIL PRICE CHANGES ON THE GDP PER CAPITA OF OPEC COUNTRIES

Summary/Abstract: Energy is regarded as the primary source and driver of economic growthand its existence is undebatable for a modern economy. Energy also plays a role inreducing poverty, increasing productivity and improving the quality of life. It alsoaffects sustainable social development and economic growth. Currently, almost allaspects of life depend on oil extraction. The present world is centred on oil, which hasbeen the driver of world economy for many years and, at present, it cannot entirely bereplaced. Crude oil is also considered as a commodity asset, whose price is a case ofconcern for many investors, which transforms this physical asset into a sophisticatedfinancial product. The objective of the paper is to deal with the oil price changes andtheir effect on economic development on petroleum exporting countries. It will analysethe impact of the change in the price of oil on the GDP per capita of OPEC countries. It isassumed that oil prices strongly influence the economy of net oil exporting countries.

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