The aim of this paper is to examine the impact of the oil price volatility on the economic growth in addition to testing the relationship between oil prices and international reserves in a number of oil importing countries during the period (2000-2013). The study finds that an increase in oil prices has a negative impact on economic growth on these economies during the study period. The study also finds that an increase in oil prices increases the consumer price index and the international reserves. The study uses the descriptive and analytical methods, and so relying on Panel VAR Model and Panel Data model.
Keywords: Consumer Price Index (CPI) , GDP growth, International Reserves, Oil Importing Countries, Oil Prices, Panel Data Model, Panel VAR Model.