Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped more than three dollars to below 124 dollars on Wednesday, OPEC said in a statement on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 123.89 dollars Wednesday, 3.54 dollars lower than 127.43 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)