Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has fallen to 123 dollars, OPEC said on Thursday.

One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 123.05 dollars on Wednesday, compared with 125.91 dollars the previous day.

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