OPEC oil slips below 110 dollars

The Organization of the Petroleum Exporting Countries (OPEC) said on Friday, that its oil price edged below the 110-dollars mark, the previous day.

The cartel’s basket price lost 1.53 dollars per barrel (159 litres) and settled at 109.91 dollars on Thursday.

OPEC’s next meeting takes place in Vienna on Wednesday.

Saudi Arabia’s Oil Minister Ali al-Naimi has been quoted by media as saying that the country would then be ready to raise production, but other OPEC member countries have displayed less enthusiasm for such a move.