Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by more than 3 dollars on Wednesday, OPEC said on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 118.56 dollars Tuesday, compared with 121.69 dollars on the previous day.

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