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OPEC crude price falls to 121.73 dollars

Sahil Nagpal 30 July 2008

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 1.46 dollars Tuesday, according OPEC data from Wednesday, amid indications that the oil cartel would not cut production.

One barrel (159 litres) of OPEC-produced crude stood at 121.73 dollars Tuesday, compared with 123.19 dollars on the previous day.

OPEC president Chakib Khelil said in Jakarta on Tuesday that he did not believe OPEC members should cut production if oil prices continued to fall.

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

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