Opec oil price falls

December 17th, 2008 - 5:45 pm ICT by IANS  

Vienna, Dec 17 (DPA) 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.

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