The Impact of COVID-19 pandemic on the Oil Sector in global economic and Saudi Econo
Aboul Atta Halim, M., Magdy Rezk, W. (2021). The Impact of COVID-19 pandemic on the Oil Sector in global economic and Saudi Econo. EKB Journal Management System, 12(4), 31-64. doi: 10.21608/jces.2021.219374
Mona Aboul Atta Halim; Walaa Magdy Rezk. "The Impact of COVID-19 pandemic on the Oil Sector in global economic and Saudi Econo". EKB Journal Management System, 12, 4, 2021, 31-64. doi: 10.21608/jces.2021.219374
Aboul Atta Halim, M., Magdy Rezk, W. (2021). 'The Impact of COVID-19 pandemic on the Oil Sector in global economic and Saudi Econo', EKB Journal Management System, 12(4), pp. 31-64. doi: 10.21608/jces.2021.219374
Aboul Atta Halim, M., Magdy Rezk, W. The Impact of COVID-19 pandemic on the Oil Sector in global economic and Saudi Econo. EKB Journal Management System, 2021; 12(4): 31-64. doi: 10.21608/jces.2021.219374

The Impact of COVID-19 pandemic on the Oil Sector in global economic and Saudi Econo

المجلة العلمية للدراسات التجارية والبيئية
Article 64, Volume 12, Issue 4, October 2021, Page 31-64  XML PDF (845.46 K)
Document Type: المقالة الأصلية
DOI: 10.21608/jces.2021.219374
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Authors
Mona Aboul Atta Halim* 1; Walaa Magdy Rezk* 2
1Assistant Professor of Economics, Financial Sciences Department, The Applied College, Imam Abdulrahman Bin Faisal University, P.O.BOX 1982Dammam 31441, Saudi Arabia.
2Assistant Professor of Economics, Financial Sciences Department, The Applied College, Imam Abdulrahman Bin Faisal University, P.O.BOX 1982 Dammam 31441, Saudi Arabia.
Abstract
This study aimed to identify the impact of COVID-19 on oil sector which faced the significant challenges, globally and in Saudi Arabia. The study sheds light on the  unprecedented crisis that occurred in the decline in demand for oil and the collapse of its prices, and its effects and consequences on world economies and Arab economies, and the extent to which the Saudi economy has been affected by them in light of what markets have witnessed global oil, and opportunities to benefit from this crisis and the study relied on the descriptive and  analytical methodology. The study paper will use the NARDL to explain the asymmetric effect of changes in oil price on Government Budget for Saudi Arabia. The study reached that this situation provides a further opportunity for Saudi Arabia to diversify the economy away from a reliance on oil , Government policies seek to facing these challenges by diversifying the economic base and developing and diversifying revenues Non-oil products to reduce financial volatility, in addition to enhancing the role of the private sector focusing on supporting non-oil GDP growth rates to enhance the resilience of the economy.
Keywords
Oil Prices; Oil & Gas sector crude oil futures; Saudi Arabia
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