Russia and Venezuela are running out of cash

Russia’s reserve fund could be depleted in mid-2017, perhaps a few months later,” said Ondrej Schneider, chief economist at the Institute of International Finance.

Russia may start building up its Reserve Fund in the second half of 2017, Finance Minister Anton Siluanov said January. This would be if oil prices average $50 per barrel and ruble rate remains at current levels, the budget could get additional 1 trillion rubles (£13.5 billion) in oil and gas revenues, resulting in a budget deficit of around 2 percent of gross domestic product in 2017.

Oil is currently at $48.86 per barrel. However, there is concern that OPEC-Saudi Arabia will stop oil production cuts in June. This could start an oil price war. US frakkers have gotten more efficient and are rebuilding production even with prices at $50 per barrel.

Venezuela is down to its last few billion.

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