Opec has lifted oil supply quotas by one million barrels per day, four per cent, in a renewed bid to force down stubbornly high world crude prices.

The pact is designed to underscore Opec’s intent to exert downward pressure on prices that last month topped $49 per barrel for US crude, a record.
Official output allocations for 10 member countries go up to 27 million barrels per day from November 1. But the new deal is expected to make little difference to actual supply flows.