The Impact of Oil Price Shocks on the Economic Growth of Selected MENA Countries

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Ian Michael Trotter

The paper linked below discusses your question in great detail (see section 4). Although the focus is on the "US oil supply revolution", it translates more or less directly to "oil price shocks" -- more specifically, it goes a long way in discussing the current conditions in the oil market.

Hope that helps!

http://www.dallasfed.org/assets/documents/institute/wpapers/2016/0263.pdf

Faris Alshubiri

Dear Muhammad Imran

Greetings,

Please see the attached file about direct and indirect effect ,of your topic.

Best Regards