Investigating energy consumption and inflation shocks on the welfare index in OPEC member countries

This article examines the sustainable economic growth of energy for OPEC member countries. and calculates an index for sustainable economic well-being for OPEC member countries, and deals with the relationship between conventional energy growth and the level of well-being in OPEC member countries. Also, considering the limitations of using GDP in measuring the level of well-being, it examines and analyzes the relationship between conventional energy consumption and the level of well-being using a sustainable economic index. It is a widespread, albeit implicit, belief that a nation's prosperity depends on its energy consumption. In this research, the impact of energy consumption on economic well-being in OPEC member countries during the period of 2007-2021 has been investigated. The calculations of the panel vector autoregression model indicate that the energy consumption shock has increased welfare in OPEC member countries. Inflationary shock also left a negative and then a positive effect on well-being at first, and the reaction of the oil income shock was first positive and then negative.