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The Impact of Changes in Oil Prices on the Global and Saudi Arabia Economy

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The Effect of Information Technology on Business and Marketing Intelligence Systems

Part of the book series: Studies in Computational Intelligence ((SCI,volume 1056))

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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.

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Author information

Authors and Affiliations

  1. Financial Sciences Department, The Applied College, Imam Abdulrahman Bin Faisal University, P.O. BOX 1982, Dammam, 31441, Saudi Arabia

    Mona Halim & Walaa Rezk

  2. Department of Administrative Sciences, The Applied College, Imam Abdulrahman Bin Faisal University, P.O. Box 1982, Dammam, Saudi Arabia

    Saddam Darawsheh

  3. Deanship of Preparatory Year and Supporting Studies, Department of Self Development, Imam Abdulrahman Bin Faisal University, P.O. Box 1982, Dammam, 43212, Saudi Arabia

    Anwar Al-Shaar

  4. Department of Management, College of Business Administration, University of Sharjah, Sharjah, UAE

    Muhammad Alshurideh

  5. Department of Marketing, School of Business, The University of Jordan, Amman, 11942, Jordan

    Muhammad Alshurideh

Authors
  1. Mona Halim
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  2. Walaa Rezk
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  3. Saddam Darawsheh
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  4. Anwar Al-Shaar
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  5. Muhammad Alshurideh
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Corresponding author

Correspondence to Mona Halim .

Editor information

Editors and Affiliations

  1. Dept of Mngmnt, Cllg of Busness Admin, University of Sharjah, Sharjah, United Arab Emirates

    Muhammad Alshurideh

  2. Department of Business Administration, Faculty of Economics and Administrative Sciences, Hashemite University, Zarqa, Jordan

    Barween Hikmat Al Kurdi

  3. Management Information Systems Department, School of Business, University of Jordan, Aqaba, Jordan

    Ra’ed Masa’deh

  4. Skyline University College, Sharjah, United Arab Emirates

    Haitham M. Alzoubi

  5. Research Institute of Sciences and Engineering, University of Sharjah, Sharjah, United Arab Emirates

    Said Salloum

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Halim, M., Rezk, W., Darawsheh, S., Al-Shaar, A., Alshurideh, M. (2023). The Impact of Changes in Oil Prices on the Global and Saudi Arabia Economy. In: Alshurideh, M., Al Kurdi , B.H., Masa’deh, R., Alzoubi , H.M., Salloum, S. (eds) The Effect of Information Technology on Business and Marketing Intelligence Systems. Studies in Computational Intelligence, vol 1056. Springer, Cham. https://doi.org/10.1007/978-3-031-12382-5_139

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  • DOI: https://doi.org/10.1007/978-3-031-12382-5_139

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-12381-8

  • Online ISBN: 978-3-031-12382-5

  • eBook Packages: EngineeringEngineering (R0)

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