Opec oil price falls
Wednesday, 17 December 2008, 23:25 IST
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Vienna: The price for oil produced by the Organization of the Petroleum Exporting Countries (Opec) fell by $1.79 Tuesday, although the cartel is expected to approve a drastic cut of oil production during a meeing Wednesday in the Algerian city of Oran. Opec's basket price of crude oil stood at $40.74 per barrel (159 litres) Tuesday, the Vienna-based cartel announced Wednesday. With global oil demand falling this year for the first time since 1983 and Opec forecasting a decline for 2009 as well, the cartel's oil ministers are expected to slash production by up to two million barrels per day to shore up the price of oil.
Source: IANS
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