Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) was down 89 cents on Tuesday, OPEC said on Wednesday.

One barrel (159 litres) of crudes from OPEC's 13-brand reference basket stood at 118.76 dollars on Tuesday, compared with 119.65 dollars the previous day.

The drop came despite remarks by OPEC-member Iran that it considered reducing its output.

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