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 …

consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic … countries/regions over the period 1979Q2–2011Q2, to discriminate between supply-driven and demand-driven oil-price shocks and to …-exporting countries that possess large proven oil/gas reserves. However, in response to an oil-demand disturbance, almost all countries in …

-driven oil-price shock are very different from those of an oil-demand shock driven by global economic activity, and vary for oil …/regions over the period 1979Q2–2011Q2, as well as bounds on impact price elasticities of oil supply and oil demand to discriminate … between supply-driven and demand-driven oil-price shocks, and to study the time profile of their macroeconomic effects across …