The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell below 80 dollars for the first time since October 2007 on Wednesday, according to data released by OPEC on Thursday.
One barrel (159 litres) of OPEC crude stood at 77.38 dollars Wednesday, a decrease of 2.66 dollars from 80.04 dollars on the previous day, reproted dpa.
So far, the OPEC secretariat in Vienna has not commented on media reports about a possible extraordinary meeting of oil ministers in November to discuss production cuts.
OPEC calculates an average basket price based on 13 important brands produced by the cartel's members.