OPEC crude price drops below US$80


VIENNA — The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell below US$80 for the first time since October 2007 on Wednesday, according to data released by OPEC on Thursday.

One barrel (159 liters) of OPEC crude stood at US$77.38 Wednesday, a decrease of US$2.66 from US$80.04 on the previous day.

So far, the OPEC secretariat in Vienna has not commented on media reports about a possible extraordinary meeting of oil ministers in November to discuss production cuts.

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