Opec cartel finally agrees new quotas

Brent crude tumbled by more than $2 a barrel after Opec agreed to maintain oil production at its present, relatively high, level next year. The Organisation of Petroleum Exporting Countries agreed a new supply target of 30 million barrels a day.

Output has been drifting up after Saudi Arabia, Kuwait and the United Arab Emirates unilaterally increased their output after failing to agree new targets in June. Brent crude dropped by $2.66, or 2.4 per cent, to $106.84 in late afternoon.