“Russia’s national currency, the ruble, has hit a historic low following a decision by the Organization of the Petroleum Exporting Countries (OPEC) to maintain its current oil output level of 30 million barrels per day.”
“OPEC 'decided to maintain the production level of 30 million barrels per day,' which it has kept for three years, during its latest meeting, the oil exporter group said in a communiqué after the 166th ministerial meeting of the 12-nation organization. The announcement sent global oil prices dropping to fresh four-year lows. Crude prices have fallen by 35 percent since June.”
“OPEC was under pressure from some of its members, notably Venezuela and Ecuador, to cut output to reduce supplies and push prices back up. However, the call was rejected by some Persian Gulf members.”
After the official visit of the US President Barack Obama to Riyadh, there were rumors that the two countries were planning to 'drown' global market in oil, in order to reduce prices up to 12 dollars per barrel and hit Russia economically. The plan was mentioned even by George Soros, during a speech in Berlin, while Philip Verleger, former consultant under Ford and Carter administrations, estimated that in case that the United States alone would add in the market 500,000 barrels from their strategic deposits, the economic cost for Moscow would reach 40 billion dollars, or, 2% of the Russian economy. The economy of Iran would had receive a proportional hit. The target of such an operation, at least according to the related scenario, would be to strike the two key pylons supporting the Syrian regime, that is Moscow and Tehran, and open the road for Assad's overthrow. Despite the fact that Iran, under the leadership of Rouhani who is friendly to the West, didn't support Syria as someone should expect, and Russia didn't rise tension for the same matter, the two countries remained the basic barriers for Saudi Arabia.