Russia’s withdrawal from the OPEC+ deal resulted in a catastrophic slump of oil and the Russian ruble. Besides, it destroyed all hopes for a bright future. The Russian national currency is suffering the most harmful consequences. In fact, the ruble is rather resilient to various troubles. At the end of the previous year, it was one of the fastest rising currencies of developing economies. However, at the moment, it is the worst currency in the world. During the first quarter of 2020, the Russian national currency showed the weakest performance in the last 6 years. The ruble lost more than 20% against the US dollar. However, the situation in the global oil market is even worse. The price war between Russia and Saudi Arabia is producing unexpectedly disastrous effects on the oil market and Russia's economy in particular. The fact is that Saudi Arabia has significantly lowered the prices of both oil and gas. As a result, world oil storages will soon be filled to capacity. Moreover, Mercuria Energy pays various organizations that can remove oil from its storages. Thus, the oil price war could dent the economies of most countries.
