The oil price of the Organization of the Petroleum Exporting Countries (OPEC) shed 0.56 dollars Tuesday and continued to hover above 71 dollars, the cartel announced Wednesday, DPA reported.

OPEC's basket price stood at 71.32 dollars per barrel (159 litres) on Tuesday, the day that the organization's oil ministers met in Angola and decided not to change their current production targets.

The 12 member countries of the Vienna-based organization pump more than a third of the world's crude oil.