An informal Opec meeting next month is unlikely to deliver any agreement to limit production because several members including Iran are still pumping below capacity.

An energy watchdog lifted its forecast for world oil consumption today but played down fears that prices will top $100 (€71.7m) a barrel.

Venezuelan President Hugo Chavez said today that members of the Organisation of Petroleum Exporting Countries (Opec) agree on keeping oil at $50 per barrel.