OPEC oil price falls by half a dollar

January 8th, 2009 - 5:34 pm ICT by IANS  

Vienna, Jan 8 (DPA) The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 0.52 dollars Wednesday, ending a rally in which the cartel’s basket price had gained nearly 13 dollars since Dec 24.One barrel (159 litres) of OPEC-produced crude stood at 45.75 dollars Wednesday, the Vienna-based organization announced Thursday.

OPEC calculates an average price based on 12 brands produced by its members. Indonesia suspended its membership as of Jan 1, as the country has become a net importer of oil.

Related Stories

Tags: , , , , , , , , ,

Posted in Business |