The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped more than three dollars to below $124 on Wednesday, OPEC said in a statement on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at $123.89 dollars on Wednesday, $3.54 lower than $127.43 on the previous day.

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