Opec oil price drops to 22-month low

November 12th, 2008 - 7:24 pm ICT by IANS  

Vienna, Nov 12 (DPA) The price for crude oil produced by the Organization of the Petroleum Exporting Countries (Opec) dropped to $52.24 Tuesday, the lowest level since January 2007.One barrel (159 litres) of Opec fell by $2.53, down from $54.77 dollars Monday, the Vienna-based cartel said Wednesday.

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

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