OPEC crude price falls below 60 dollars despite output cut

Growing recession fears sent stock markets and oil prices downward, with one barrel (159 litres) of OPEC crude standing at 57.57 dollars Friday, 2.70 dollars lower than on the previous day, according to data provided by OPEC on Monday.

The 19-month low came on the same day that OPEC oil ministers decided at an emergency meeting in Vienna to cut their total output by 1.5 million barrels per day from November 1, in order to stop the oil price from falling.

The cartel is scheduled to meet next in Oran, Algeria on December 17. But OPEC President and Algerian Energy Minister Chakib Khelil said the group might meet again before that if needed.

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