Paul seems to flow back and forth in this chapter between speaking ultimately of everyone and then of those who are now following Christ. But immediately to 38-39 he seems to be speaking of everyone. Note
31 What, then, shall we say in response to these things? If God is for us, who can be against us? 32 He who did not spare his own Son, but gave him up for us all—how will he not also, along with him, graciously give us all things? 33 Who will bring any charge against those whom God has chosen? It is God who justifies. 34 Who then is the one who condemns? No one. Christ Jesus who died—more than that, who was raised to life—is at the right hand of God and is also interceding for us. 35 Who shall separate us from the love of Christ? Shall trouble or hardship or persecution or famine or nakedness or danger or sword?
Is the Atonement limited in scope? Did Jesus die only for some of humanity or for all of humanity? Does God choose to save all or only choose to save some? It is He that justifies us through the sacrifice of Christ. Does God love all of humanity or only some? If God loves all of humanity then can anything ultimately separte us from the love of God?
As you can see, I lean towards understanding this passage as Paul speaking of God saving all of humanity, especially we who now believe!