Fixed Effects Estimation and Inconsistency
You can't identify the effect of oil price when Year FE are applied, since the world oil price is perfectly correlated with year Fixed Effects. 
You can't identify the democracy indicator if you country does not change its value in your observed period. 


For the other variables, it should be possible to obtain estimates. You should apply a fairly large sample to avoid collinearity issues (sth like 100 countries, 50 years). Further problems with your model are reverse causality, i.e. does growth cause inflation?