IEA: Oil market tighter than it seems despite forecast surplus
The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising ref...
NATO member states have reached a consensus on a landmark defence spending target of 5% of GDP by 2035, paving the way for a formal announcement at the alliance’s upcoming summit in The Hague.
NATO diplomats confirmed on Sunday that all 32 member nations have approved a joint statement establishing a new goal for defence and security-related expenditure. The agreement follows extensive negotiations, with Spain previously voicing concerns over the scale of the proposed increase. However, a consensus was ultimately reached ahead of the high-level summit set to begin on Wednesday.
The statement, which remains unofficial until it is endorsed by NATO leaders, including U.S. President Donald Trump, represents a significant shift in the alliance’s defence posture. Currently, NATO’s formal target is set at 2% of GDP, a benchmark many members have struggled to meet. The proposed 5% goal signals a robust response to growing global security threats and aims to bolster the alliance’s collective deterrence capabilities.
According to diplomatic sources, the new target is not expected to be immediately binding but will serve as a guiding objective for long-term defence planning. The text reportedly calls for a gradual and "sustainable path" toward the 2035 goal, with flexibility for national economic conditions.
The decision comes amid heightened tensions in Europe and renewed pressure from the United States for greater burden-sharing within the alliance. President Trump has repeatedly urged NATO allies to step up their defence commitments, a stance he is expected to reiterate during his address in The Hague.
The summit is also likely to feature discussions on NATO’s strategic posture, the ongoing conflict in Eastern Europe, cybersecurity coordination, and emerging threats in the Indo-Pacific region.
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A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
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Washington and Ottawa are once again at odds, as President Trump unveils a sharp new tariff on Canadian goods—citing drug trafficking and trade disputes just weeks ahead of a key deadline.
France recorded over 100 drowning deaths in just one month — a 58% rise from last year — as unusually high temperatures drove more people to water, public health officials say.
Migration offset natural decline for the fourth consecutive year, pushing the European Union’s population to an historic high of 450.4 million in 2024, according to Eurostat figures released on Friday.
Germany’s public debt is projected to climb from 62.5% to 74% of GDP by 2030, driven by record defence and infrastructure spending, according to a report by the European rating agency Scope.
The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising refinery activity and seasonal summer demand as key drivers of short-term market pressure.
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