Improving people’s well-being has taken center stage in public policy discourse and forms an essential ingredient in assessing the level of economic development of nations. Contextually, well-being encompasses having a good life, freedom of choice, health, good social relations, and security. In addition to other enablers, oil price and institutional quality have been linked as sources of
... [Show full abstract] wellbeing. Though contradictory, there is still underreporting on the impact of oil price and institutional quality on well-being particularly for oil-producing countries. Thus, this study conceptualized well-being as the happiness Cantril ladder; institutional quality as the average of World Governance Indicators, and oil price as West Texas Intermediate. Utilizing a two-system GMM estimator for a panel dataset from the period 2006-2022, the findings of the study show that oil prices and institutional quality exert an weak improvement on well-being both in the long and short runs. In terms of income, we found a negligible drop in well-being as income increases in the long and short run. These finds suggest that being a resource-rich nation does not guarantee robust wellbeing of people. Based on the findings, it is imperative to highlight that individual well-being could be enhanced by allocating more oil revenue to projects that enable well-being and strengthening institutional frameworks that guarantees improvements in wellbeing.