VIENNA, November 14 (RIA Novosti) -- OPEC members are to meet on November 29 in the Egyptian capital in a bid to halt the fall of crude prices, the Organization of Petroleum Exporting Countries said on Friday.

"I can confirm that the meeting will take place on November 29 in Cairo," an OPEC spokesperson told a RIA Novosti correspondent.

At their October 24 meeting in Vienna, OPEC ministers agreed to reduce output by 1.5 million barrels per day (bpd) to 27.3 million bpd from November 1 to try to stop a fall in oil prices.

OPEC President Chakib Khelil earlier said another output cut was possible if crude oil prices remained below $70 U.S. per barrel, adding that the cartel's objective was to have oil prices range between $70 and $90 a barrel.

The organization announced earlier on Friday that as of November 13, the price of the OPEC Reference Basket of Crudes had dropped to $47.73 per barrel, down from $147 in July.

The 13 OPEC members are Algeria, Angola, Ecuador, Iran, Iraq, Indonesia, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.