Measuring the speed of response of the exported quantity of crude oil to the increase in its prices using the model Impulse Response Functions (IRF) (Iraq case study) for the period (1978-2017)


Oil is considered a commodity and is still an important and prominent role in drawing and shaping the Iraqi economic scene. The revenues generated from the export of oil are considered the main source of the general budget in cash flows. Since the revenues consist of quantity and price and the latter is an external factor which is difficult to predict, The effect of any commodity on its price, which is proven in the theory of micro-economic, but it is observed through the research that the response is slow, which means not to take advantage of the rise in prices, by increasing the quantity exported, the result of several factors, Oil, and the decline of export outlets have made, all this and other reasons have affected the oil revenues, which are the nerve of life in Iraqi economic activity.