April 2, 2016


Oil crunch bites: Russia and Saudi Arabia cut defense budgets (Ivana Kottasova, March 31, 2016, CNN Money)

Cheap oil is forcing Saudi Arabia and Russia to cut the unthinkable. Their defense budgets.

The collapse in crude prices has forced Russia and Saudi Arabia to cut their spending. Both these oil-producing countries are among the world's biggest military spenders, and defense cuts have long been off limits.
But military spending for both has dropped this year, according to the latest IHS data. Russia's defense budget shrank by 5.6% to $49.2 billion in 2016 from $51.5 billion last year. Saudi Arabia's defense budget fell 3.6% to $45.9 billion in 2016 from $47.6 billion in 2015.

Posted by at April 2, 2016 7:27 AM


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