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Last Updated : 01 December 2008 at 15:40 IST

OPEC basket price stands at $47.29

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Commodity Online
VIENNA : OPEC on Monday said the price for Crude Oil produced by its member countries stood at $47.29 on Friday, 9 cents lower than on the previous day.

At a meeting in Cairo on Saturday, OPEC oil ministers agreed to stick to current production levels despite falling prices, but they strongly hinted at the possibility that output could be cut at the next meeting on December 17 in Oran, Algeria.

The Vienna-based organization calculates an average price based on 13 brands produced by its members.