The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) slid below the 40-dollar mark for the second time this month on Thursday, despite the cartel's announced production cut, OPEC said Friday.
The basket price for crude oil produced by OPEC stood at 39.48 dollars per barrel (159 litres) Thursday, 1.47 dollars less than on the previous day, the Vienna-based organisation said.
OPEC's oil price fell in line with international crude prices. Oil traded in New York dipped below 36 dollars for the first time since July 2004 on Thursday.
The cartel decided to slash production by 2.2 million barrels per day on Wednesday in an effort to shore up prices, reported dpa.