The Organization of the Petroleum Exporting Countries (OPEC) said Wednesday that its oil price shed $0.85 on the previous day and hovered above $75 for the fourth day in a row. The Group's basket price settled at $75.11 per barrel (159 liters) on Tuesday, according to a report of the German Press Agency "DPA." The Group's 12 members produce over a third of global oil supplies and own 79 per cent of the proven reserves.