OPEC crude price drops below $70 a barrel

October 16th, 2008 - 4:21 pm ICT by IANS  

Vienna, Oct 16 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has fallen below $70, the group said Thursday.One barrel (159 litres) of OPEC crude stood at $68.58 Wednesday, $4.91 lower than $73.49 on the previous day.

Citing the negative effect of the financial crisis on global oil demand, the cartel lowered its global crude oil demand forecast for 2009 by 450,000 barrels per day, to an average 87.2 million barrels per day.

The group’s oil ministers are set to gather for an extraordinary session in Vienna on Nov 18 to discuss possible production cuts in reaction to falling oil prices.

OPEC calculates an average basket price based on 13 important brands produced by its members.

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