14 January,2009 04:38 PM IST | | DPA
The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell slightly Tuesday, to $40, OPEC said on Wednesday.
One barrel (159 litres) of OPEC-produced crude was $0.24 lower than on the previous day.
The Vienna-based cartel could decide on further production cuts at its next meeting in March to support prices, OPEC Secretary General Abdalla Salem el-Badri indicated Tuesday.
"If then the market is still over-supplied, the conference will not hesitate to take further measures to balance the market," he said in remarks published on OPEC's website.
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So far, the cartel's 12 members were sticking to their production quotas, el-Badri said, following their decision in December to curb output by 2.2 million barrels per day.
