LONDON (MarketWatch)— The currencies of Russia, Norway and Canada dropped against the U.S. dollar, with the oil-producing countries feeling the weight of a decision by the Organization of the Petroleum Exporting Countries not to cut its production target.

The 12-country cartel said it would stick with its current production target of 30 million barrels a day. Leading up to the meeting in Vienna, there was speculation in the markets that the organization would cut production in an effort to stop a recent drop in global oil prices.