OPEC crude price rises ahead of expected output cut

October 21st, 2008 - 4:47 pm ICT by IANS  

Vienna, Oct 21 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) continued to rise, as the cartel is expected to cut production at its meeting on Friday.One barrel (159 litres) of OPEC crude stood at $64.63 dollars Monday, $1.71 higher compared to its price of $62.92 last Friday.

OPEC President and Algerian Energy Minister Chakib Khelil said Saturday that the group could cut output by up to 2 million barrels per day at its Vienna meeting.

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

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