The impact of oil price volatility on food gap in arab oil-exporting nations

The main objective of this benchmark analysis is to evaluate the effects of oil price volatility on the food gap in Arab oil-exporting countries from 1999 to 2018. Through partial regression analysis, the study establishes a relationship between oil prices and the food gap while accounting for oil export levels. The results indicate a weak positive correlation between oil prices and food gap values, with variations across different nations. While Saudi Arabia shows a strong positive correlation, Algeria and the UAE have moderate correlations, and Iraq reflects a weak inverse correlation. Additionally, Bahrain, Qatar, Oman, Kuwait, and Libya are classified as statistically insignificant, highlighting a lack of significant effects between oil prices and the food gap. The findings suggest a complex interplay of factors influencing food security, emphasizing the need for targeted policies to address the food gap in these nations, which policymakers should consider for effective agricultural initiatives.