OPEC basket price drops to $45.57 a barrel
Published on: December 02, 2008 at 15:00
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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.
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