Oil and growth nexus: fresh evidence from top-ten oil producing countries

Oil as one of the most frequently used categories of energy resources has also been viewed as a critical factor of production coequal to labour and capital.Thus, oil consumption is linked to many economic activities and any energy policies might likely affect this relationship.This study examines the nexus between oil consumption and economic growth by controlling for labour and capital within the framework of a modified aggregate production function in the top-ten oil producing countries in the world during the period 1990-2015.The study applied a recently developed cross-sectional augmented autoregressive distributed lag (CS-ARDL) model and Dumitrescu-Hurlin Granger causality test.