Home Economy OPEC oil price plunges by more than $3.50

OPEC oil price plunges by more than $3.50

By DPA,

Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) Tuesday fell by $3.66, making a new record low for this year, the Vienna-based cartel announced Wednesday.

One barrel (159 litres) of OPEC crude stood at $41.60 Tuesday.

Since the weekend, when OPEC oil ministers decided in Cairo to leave production levels unchanged for now, the organisation’s basket price has dropped by $5.62.

OPEC has revised its Monday price downward to $45.26, from $45.57 stated previously.