Assessing the impact of oil prices on economic development : empirical insights from Azerbaijan

The article highlights one of the pressing challenges facing humanity: issues related to the fuel and energy sector. It underscores that the fuel and energy dilemma is a catalyst for numerous other problems, including environmental damage, air pollution, and the deterioration of soil quality, among others. The importance of addressing these concerns is emphasized. The article also identifies three key factors influencing the economic structure of most countries: natural and economic advantages, historically established specialization, and the level of scientific, technological, and technical progress. Oil plays a pivotal role in Azerbaijan's economy, primarily due to the country's natural and economic advantages in this sector. As a result, the oil industry is significantly developed within Azerbaijan's economy. In this context, the article calculates the oil multiplier and elasticity coefficient, offering scientifically substantiated results. [Publisher's Text]