Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped towards the end of the week, OPEC said on Monday.

One barrel (159 litres) of OPEC-produced crudes stood at 121.68 dollars on Friday, down 2.59 dollars from the previous day.

OPEC said production during the month of May was up by 570,000 barrels per day to 32.5 million barrels per day, boosted by increases in member states Saudi Arabia, Nigeria and Iraq.

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