Commodity Online
VIENNA : OPEC on Tuesday said the price for crude oil produced by its member countries dropped by $1.65 on Monday after it deferred a decision on lowering production quotas at the weekend.

In a statement issued here the cartel said, one barrel of its crude stood at $ 45.57 on Monday. The Vienna-based organization calculates an average price based on 13 brands produced by its members.

At a meeting in Cairo on Saturday, OPEC oil ministers indicated they might lower the cartel's oil output at a meeting in Algeria on December 17, in order to keep crude prices from falling.