Vienna - Last week, the price for the oil produced by the Organization of the Petroleum Exporting Countries (OPEC) reached $39.95, jumping more than 4 dollars.

One barrel (159 litres) of OPEC-produced crude stood at 39.95 dollars on Friday, up from 35.58 dollars on the previous Wednesday.

One of the factors behind the price hike was that OPEC members seem to be implementing production cuts that were decided in December, Vienna-based analysts JBC Energy said.

OPEC calculates an average price based on 12 brands produced by its members. Since January 1, Indonesia has suspended its membership and is no longer included in the basket price, as it has become a net importer of oil.