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.

Vienna- One day before members of the Organization of the Petroleum Exporting Countries (OPEC) meet to discuss slashing production, the cartel said Tuesday that global oil demand would decrease in 2009, contributing to an overhang of stocks.

As industrialized countries slipped into a recession, global oil consumption would fall to 85.68 million barrels per day next year, a year-on-year decrease of 0.18 per cent, Vienna-based OPEC said in its monthly oil market report.

Vienna - Austria's government decided Tuesday to take over debts worth 500 million euros (657 million dollars) of Austrian Airlines AG, as one of the necessary steps to complete the carrier's takeover by Deutsche Lufthansa AG.

In addition, the government approved an interim loan worth 200 million euros for the ailing flag carrier, which expects to end the year with a net loss of up to 415 million euros.

Vienna - By finishing his bachelor's degree in computer science at the age of 16, Marian Kogler has become Austria's youngest graduate, the Vienna University of Technology announced Tuesday.

When Kogler entered university at the age of 13, he received "consistently surprised and positive reactions" from fellow students, he told Deutsche Presse-Agentur dpa.

"Over time, one gets used to being the youngest," he said.

Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by 1.21 dollars Monday, ahead of an expected decision on Wednesday to cut output in order to raise oil prices and react to lower demand.

One barrel (159 litres) of OPEC-produced crude stood at 42.53 dollars Monday, the Vienna-based organization announced Tuesday.

OPEC President Chakib Khelil said Monday evening that all member states were in favor of lowering production at their meeting in Oran, Algeria on Wednesday.

Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to rise Friday, ahead of a meeting of the cartel on December 17, at which production cuts are expected to be discussed.

One barrel (159 litres) of OPEC-produced crude stood at 41.32 dollars Friday, 1.20 dollars higher than on the previous day, the Vienna-based organization announced Monday.

OPEC president Chakib Khelil last week called for a "drastic cut" of oil production, ahead of the meeting of oil ministers in Oran, Algeria on Wednesday.