“…In further studies related Turkey; Altintas 13 , using the quarterly data of 1987-2010 period, he investigates the relationship between real oil prices and exports, relative export prices, international real income, real exchange rate variables, by using the ARDL method and causality tests, as a result, Altintas has determined that a 1% increase in the real exchange rate lead to 0.61% decrease in exports income. In the same survey conducted for Turkey referring to Yıldırım and Öztürk (2014) 14 based on the data, the period for 2003 -2013 period of G7 countries by asymmetric and non-asymmetric causality analysis method examined the relationship between oil prices and industrial production index. According to the finding of asymmetric causality analysis, shocks in oil prices, affect the industrial production index of net energy importing countries, however, it has determined that the increase in oil prices does not explain a decrease in industrial production index.…”