Opec crude price falls below $60 despite output cut

October 27th, 2008 - 5:59 pm ICT by IANS  

Vienna, Oct 27 (DPA) The price for crude oil produced by the Organization of the Petroleum Exporting Countries (Opec) fell below $60 Friday, despite the cartel’s decision to curb production.Growing recession fears sent stock markets and oil prices downward, with one barrel (159 litres) of Opec crude standing at $57.57 Friday, $2.70 lower than on the previous day, according to data provided by Opec Monday.

The 19-month low came on the same day that Opec oil ministers decided at an emergency meeting in Vienna to cut their total output by 1.5 million barrels per day from Nov 1, in order to stop the
oil price from falling.

The cartel is scheduled to meet next in Oran, Algeria on Dec 17. But Opec president Algerian Energy Minister Chakib Khelil said the group might meet again before that if needed.

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

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