Foreign exchange reserves of the oil exporters has fallen

Валютные резервы нефтяных экспортеров обвалились

Exporting countries have to support the economy due to cheap oil

Most affected Venezuela.

The largest countries-exporters of oil will lose foreign exchange reserves and influence on the world stage, writes the Financial Times.

By the end of 2016, the reserves fell to the lowest level in a decade, and their decline may continue amid renewed weakness of the oil market.

Thus, total international reserves of 13 major exporting countries amount to 967 billion dollars, the lowest level since 2006. At its peak in 2013, the figure amounted to 1.26 trillion dollars.

The greatest losses in Venezuela, which is experiencing a deep economic and political crisis. Its currency reserves have fallen by 90 percent relative to the maximum.

In Libya, a drop of 45 percent, Algeria – 41%, Nigeria 38%, Russia – 35, Angola – 30, Qatar – 29, Kazakhstan – on 22.

The Persian Gulf States, including Saudi Arabia, UAE and Kuwait, used less foreign currency reserves to combat the effects of low oil prices, as their budget deficits have been smaller, and the reduction of revenues from the oil and gas industry to some extent offset by investment income.

We will remind, in December, Russia became the world’s largest oil producer, shifting in this indicator Saudi Arabia.

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