Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by only 21 cents Wednesday, as the cartel decided to cut production by 2.2 million barrels per day.

One barrel (159 litres) of crude produced by OPEC stood at 40.95 dollars Wednesday, the Vienna-based organization announced Thursday.

After the meeting of OPEC oil ministers in Oran, Algeria, on Wednesday, the cartel's President Chakib Khelil said he hoped that the oil price would "evolve in due time to 70 to 80 dollars per barrel" as a result of the cut.

OPEC's 13 member countries produce over 40 per cent of global oil supply. (dpa)