Oil prices soared to record prices today as world markets reacted negatively to Opec’s decision to pump more oil.

Driven by fears of a heavy winter demand at the end of the year, Opec oil ministers agreed today to immediately pump an extra half-million barrels of oil a day and to approve a similar boost later if prices do not fall.

OPEC ministers today moved toward consensus on formally boosting the group’s oil output. But the move did little to ease concerns that the world’s hunger for crude may soon outpace the organisation’s capacity to feed it.