Is There a Correlation Between Crude Oil Prices and Military Spending?

Apr 27, 2017 | Ben Myers, Forex Binary News
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Was the oil economy responsible for the worldwide rise in military expenditure? A recent report from SIPRI suggests that plunging oil prices made major oil economies reduce their military expenditure. A herculean fall in military spending by Russia and Saudi Arabia shows the dependency of the world on oil. The overall military spending of the world has increased for the first time since the 2008 financial crisis. However, major oil producing countries remain unaffected by the same. In fact, they had to reduce their spending. Could this be the reason Saudi Arabia led 13 oil producing nations and OPEC into production cuts?