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The Impact of Energy Efficiency Improvement on GDP in Selected OPEC Member Countries: Evidence from a Panel Data Model
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Fazel Moridi Farimani   , Reza Mohseni *1 |
| 1- , re_mohseni@sbu.ac.ir |
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Abstract: (12 Views) |
This study examines the role of energy efficiency as one of the key determinants of gross domestic product in selected OPEC member countries. The heavy reliance of these economies on fossil fuel resources and oil revenues has increased their vulnerability to oil price fluctuations and imposed constraints on sustainable development. Therefore, improving energy efficiency can contribute to sustainable economic growth by reducing energy intensity, promoting domestic energy savings, and expanding export capacity. To this end, a panel data econometric approach is employed to analyze data for selected OPEC member countries over the period 2000–2024. The empirical findings indicate that energy efficiency exerts a positive and statistically significant effect on economic growth; however, both the magnitude and direction of this effect vary across countries. Specifically, a positive and significant impact is observed in Angola, Equatorial Guinea, Gabon, Kuwait, Libya, Saudi Arabia, and the United Arab Emirates. In contrast, the effect is negative but statistically insignificant in Iraq, while a negative and statistically significant relationship is found in Algeria, the Republic of the Congo, and Iran. These findings suggest that enhancing energy efficiency, alongside economic diversification and institutional reforms, can substantially reduce economic vulnerability and strengthen sustainable economic growth in OPEC member countries.
JEL Classification: C33, P33, O13, O32, O41, Q43, Q55.
Keywords: Energy Efficiency; GDP; OPEC Member Countries; Oil Rents; Panel Data.
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| Keywords: JEL Classification: C33, P33, O13, O32, O41, Q43, Q55.
Energy Efficiency, GDP, OPEC Member Countries, Oil Rents, Panel Data. |
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Full-Text [PDF 889 kb]
(15 Downloads)
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Type of Study: paper |
Subject:
LNG-GTL
Received: 2026/02/18 | Accepted: 2026/08/8 | Published: 2026/10/2 | ePublished: 2026/10/2
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