NICOSIA, Nov 10: The average price of OPEC oil fell off again in October, dipping to 12.39 dollars a barrel after a brief recovery the month before the specialist Middle East Economic Survey (MEES) said here yesterday, reports AFP.

OPEC's basket of reference crudes dropped 59 cents on the month, it began the year at 14.42 dollars a barrel and bottomed out at 11.67 in June, the Nicosia-based specialist publication said, adding that prices for the year were on average down 6.29 dollars a barrel from 1997.

MEES did not report output figures but said last month that world production in September was up 0.26 million barrels per day. despite pledges from OPEC member nations to slash production in an effort to boost faltering process, which have been hovering near a 10-year-low.

Prices have also been down due to diminishing Asian demand in the wake of Asia's ongoing economic crisis.

OPEC is scheduled to meet November 25 in Vienna.