The Organization of the Petroleum Exporting Countries (OPEC) said on Friday that the crude basket price, a daily reference level based on the prices of 11 crudes - dropped to $55.99 on Thursday from $56.23 the previous day.

Price have fallen $5 a barrel after OPEC announced on September 11 that it will hold output steady and there are growing prospect of cut in supplies before end of the year.

The new OPEC Reference Basket (ORB), implemented as of June 16, 2005, is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).