How The Oil Crisis Has Impacted Military Spending

11 Apr 2016   Economy

A report by the Stockholm International Peace Research Institute has revealed that most of the world’s nations hiked their military budgets last year, marking the first increase in spending since the 2008 crisis. It seems that the only ones not taking part in this military spending hike are some of the world’s biggest oil producers. While the United States is still the country with the largest military budget at $596 billion spent in 2015, this figure was actually a decline on the previous year. Saudi Arabia, according to Bloomberg , would also have cut its military budget if not for the war in Yemen. Russia, the world’s top oil producer, shrank military outlays in 2015 to $66.4 billion. Oil is the most abundant commodity in the world. It fuels all economies, even those firmly on the path to a green future. It is a strategic commodity in every single […]

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