Germany's trillion-dollar fund spends too
- A report submitted by the German Ministry of Finance to the Budget Committee on Monday shows that the €500 billion Infrastructure and Climate Fund has already supported economic growth, but the pace of spending needs to accelerate. In 2025, the fund plans to allocate €37.2 billion, but actual expenditure is only €24 billion.
- Of the 107 "milestones" planned for 2026, only 26 had been completed as of the end of May. According to the fund's "progress and impact indicators," the average completion rate for the entire fund is 54%. About two-thirds of budget projects for 2025 will still be in the planning stage by year-end, with only one-third entering the implementation or operational phase.
- Expenditure falling short of the plan is partly because funding from the federal states has not yet been allocated, and relevant administrative requirements will not be finalized until the end of 2025. Delays are mainly concentrated in broadband, railway upgrades, and state-level appropriations.
- As of April 30, 2026, about €11.2 billion had been disbursed from the annual €39.7 billion budget of the infrastructure fund's federal pillar, accounting for 28% of the planned funds. The Ministry of Finance expects clear progress on investment milestones across ministries within the year.
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Saudi Arabia's oil production in October surged by 26%, reaching the highest level since the onset of the conflict, while Brent crude has dropped over 20% this month
OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.
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