World’s Largest Oil Exporters See Their Reserves Diverge: Chart

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World’s Largest Oil Exporters See Their Reserves Diverge: Chart

International reserves of the two biggest powers within the OPEC+ alliance are on increasingly divergent paths, even as both stand to gain from a rally in oil prices. The Bank of Russia’s net foreign assets surged to an all-time high in May as Saudi Arabia’s slumped to the lowest in over a decade in April. The divergence comes as Russia piles up foreign currency and gold, keeping fiscal policy relatively tight in fear of further U.S. and European sanctions. In contrast, Saudi Arabia dipped into its reserves to finance the deficit during the pandemic and has transferred billions to its sovereign wealth fund, which has been on a buying spree.

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