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OPEC oil price down by nearly 1 dollar

Mohit Joshi 12 March 2009

OPEC oil price down by nearly 1 dollar Vienna - Half a week before the Organization of the Petroleum Exporting Countries (OPEC) meets to discuss production levels, the price for OPEC-produced oil fell by 0.99 dollars Wednesday, OPEC announced Thursday.

The basket price for one barrel (159 litres) of OPEC crude stood at 42.70 dollars at midweek.

OPEC's 12 oil ministers are set to discuss ouput quotas in Vienna on Sunday. Since last September, OPEC has cut production by a total of 4.2 billion barrels per day to stop the further decline of oil prices. (dpa)

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