world's three largest oil consumers. The main objective of this study is to see whether these economies are still reactive …

the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial …