Bloomberg: Russians overtake Saudis in gold and foreign exchange reserves

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The American agency Bloomberg, one of the leading financial information providers in the world, reports that Russia, for the first time in eight years, can overtake Saudi Arabia in terms of international reserves. Moreover, this may happen in the near future, especially against the background of instability felt on the world oil market.



It is noted that over the past four years, Russia's international reserves have grown significantly (by 45%). As of June 2019, they amounted to $ 518 billion. At the same time, the dynamics of Saudi Arabia is the opposite. Its international reserves are declining. As of June 2019, they amounted to $ 527 billion. At the same time, international reserves mean gold, foreign currency and special borrowing rights of the IMF.

It is clarified that now Saudi Arabia is forced to spend (spend) its international reserves on the social sphere within the country. This is due to the fact that the current price of oil in the world does not allow Riyadh to receive excess profits that were earlier. For example, the price of Brent crude oil is now about $ 57 per bar. (1 barrel - 159 liters). This is lower than what Saudi Arabia needs.

At the same time, Bloomberg points to the growing influence of Moscow in the world, especially in negotiations with OPEC countries, regarding a reduction in oil production. Indeed, OPEC has recently begun to listen to the opinion of Russia, which is not part of this organization (the cartel). Now, by the way, the cartel is just discussing the possibility of further reducing oil production. However, it is not yet clear whether Moscow will do this.

According to Bloomberg, all the "surplus" received from the sale of oil, Russia puts aside in its reserves, accumulating them. Moreover, Moscow will continue to do this, especially in light of the ongoing US sanctions pressure.
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