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☆ NATO expected to raise munitions stockpile targets as war depletes reserves
  + stars: | 2023-02-13 | by ( Sabine Siebold John Irish | Sabine Siebold | John Irish | ) www.reuters.com   time to read: +9 min
NATO has just completed an extraordinary survey of the remaining munition stocks, a NATO official told Reuters on condition of anonymity. "Those NATO (munitions targets) that we set, and each ally has a specific target, those were not being met for the most part (before the Ukraine war)," the official said. "I would be absolutely gobsmacked if the targets…were not increased," said the NATO official. After the Cold War, the production of ammunition had turned "quite artisanal", said the NATO official. "I don't necessarily think that within the next year our stockpile levels will increase massively," the NATO official said.
☆ Why Saudi Arabia defied the US over OPEC oil supply cut
  + stars: | 2022-10-07 | by ( Nadeen Ebrahim Abbas Al Lawati | Nadeen Ebrahim | Abbas Al Lawati | ) edition.cnn.com   time to read: +14 min
On Wednesday, OPEC+, the oil cartel led by Saudi Arabia and Russia, agreed to slash production by 2 million barrels per day, twice as much as analysts had predicted, in the biggest cut since the Covid-19 pandemic. “Saudi Arabia is looking to head off a repeat of 2008 when the market crash sent the global economy into a recession and oil prices suddenly plummeted, requiring emergency action by OPEC,” said Wald. Analysts also say Saudi Arabia cannot afford to let oil prices go below a certain level for budgetary reasons. For its budget to break even, global oil prices must be at around $79 a barrel, according to the International Monetary Fund. That was a warning sign for Saudi Arabia and other oil exporters, who depend on oil for a majority of their revenue.
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