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Dec 3, 2008, 8:05 GMT

OPEC oil price plunges by more than 3.50 dollars

Vienna - Falling by 3.66 dollars Tuesday, the price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) reached a new record low for this year. One barrel (159 litres) of OPEC crude stood at 41.60 dollars Tuesday, the Vienna-based cartel said Wednesday. Since the weekend, when OPEC oil ministers decided in Cairo to leave production levels unchanged for now, the organization's basket price has dropped by 5.62 dollars. OPEC has revised its Monday price downward to 45.26 dollars, from 45.57 dollars stated previously.

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