Opec refuses to increase oil production

Opec has voted against increasing oil production.

The Organisation of the Petroleum Exporting Countries left output for its 10 members at 24.2 million barrels a day.

Opec is struggling to defend prices at its £17.79 a barrel target because of the likely resumption of substantial Iraqi supplies and an economic downturn.

Iraq is thought likely to lift a self-imposed block on oil sales after a United Nations vote tonight which will renew existing measures against Baghdad, including an oil-for-food exchange.

Opec is continually under pressure from countries such as the US to increase production and therefore ease prices.