Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) inched downwards to 40.75 dollars Wednesday, the cartel announced Thursday.

One barrel (159 litres) of OPEC crude stood 0.85 dollars lower than on the previous day.

The Vienna-based organization calculates an average price based on 13 brands produced by its members.

On Friday and Monday, OPEC will not publish prices due to holidays. (dpa)