Vienna - The price for crude oil produced by OPEC members continued to slide ahead of their meeting in Vienna on Tuesday, but Saudi Arabia signalled there was no need for production cuts.
One barrel of crude produced by the Organization of the Petroleum Exporting Countries stood at 101.08 dollars Monday, 13 cents less than on the previous day, and 39.75 dollars less than the record price set on July 3.
Ali al-Naimi, the oil minister of OPEC's largest producer Saudi Arabia, said Tuesday that the market was in balance.