The shifting balance of power in the oil world is showing up in a new indicator: central bank reserves. For the first time in eight years, the Bank of Russia’s total stockpile of cash, gold and other securities is about to surpass Saudi Arabia’s, highlighting the Kremlin’s leverage in talks between major oil producers about how much to reduce production. While Saudi Arabia has been draining its reserves to cover social spending amid low oil prices, Russia has tightened its budget and is running a surplus amid fears of new sanctions. With Russia increasingly the deciding voice in discussions with the Organization of ... (full story)