Further drop in OPEC oil price

Business Materials 10 November 2008 13:42 (UTC +04:00)

The price of crude produced by the Organization of Petroleum Exporting Countries (OPEC) dropped by another 1.40 dollars Friday, the organization said Monday.

The cartel's basket price of 13 crudes stood at 53.49 dollars, down from 54.89 dollars on Thursday, reported dpa.

On Saturday, OPEC President and Algerian Energy Minister Chakib Khelil indicated the group could decide on further production cuts to support prices when its oil ministers meet on December 17 in Oran, Algeria.