Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by 0.48 dollars Friday, following the cartel's decision to meet on October 24 to discuss production cuts.

One barrel (159 litres) of OPEC crude stood at 63.82 dollars Friday, up from 63.34 dollars on the previous day, OPEC said Monday.

OPEC President and Algerian Energy Minister Chakib Khelil said Saturday that the group was set to cut output by between 1.5 million and 2 million barrels per day at its Vienna meeting, down from the present production level of 28.8 million barrels per day.

The cartel has been faced with steeply falling prices since July, when OPEC crude cost 140.73 dollars per barrel.

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