The weekly Reference Basket Price of the Organization of Petroleum Exporting Countries (OPEC) crude stood at 104.40 U.S. dollars per barrel last week, a sharp drop from 107.12 dollars the previous week, the Vienna-based cartel said Tuesday.

This is the second consecutive week that the OPEC's weekly crude price continues declining. The crude price has hit the lowest level of the past eight weeks.

OPEC maintained the organization's crude oil output target at 30 million barrels per day to ensure a relative comfortable price for the crude output organization, after the meeting in its headquarters here early December 2013.