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Interesting. Russia is less oil dependent than SA, but the Saudi's have more oil per capita.

• causality0 6y ago
  The Saudis also have a massive population of what are effectively indentured servants and the ability to get more or expel them at will, so that dependency comes with a degree of flexibility to modify their own economy.
• exhilaration 6y ago
  Russia is less oil dependent than SA... Are you sure? Everything I've read has said some variation of _Russia is heavily dependent on oil exports_ [1]. Russia has a massive cash reserve to weather this crisis but they're still being hurt just as badly as KSA. [1] https://www.npr.org/2020/03/12/814824039/how-russia-is-reacting-to-the-oil-price-war https://www.npr.org/2020/03/12/814824039/how-russia-is-react...
  • gbear605 6y ago
    From their Wikipedia pages, 40% of SA's GDP is oil[1] versus 16% of Russia's[2], also 90% of SA's exports versus 70% of Russia's. Certainly both countries are disastrously hurt by a collapse in oil prices, but SA seems to be worse off. [1]: https://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia https://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia [2]: https://en.wikipedia.org/wiki/Economy_of_Russia https://en.wikipedia.org/wiki/Economy_of_Russia
  • rechristened 6y ago
    They didn't say Russia wasn't heavily dependent on oil. They said KSA was even more dependent.