Despite output cut, OPEC crude price continues to fall

Business Materials 11 September 2008 12:55 (UTC +04:00)

The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to fall on Wednesday, despite the cartel's decision on the same day to cut production, reported dpa.

One barrel (159 litres) of OPEC-produced crude stood at 96.80 dollars on Tuesday, 1.69 dollars lower than on the previous day, according to data released by OPEC on Wednesday.

OPEC calculates an average basket price based on 13 important brands produced by cartel members.