OPEC producers agreed yesterday to restrain oil exports for the second time this year, slicing off about one million barrels a day. The Organisation of the Petroleum Exporting Countries is hoping the cutbacks will restore prices for its oil to $25 (€28) a barrel, equivalent to about $27 for international benchmark Brent.

Ministers said mounting concerns about failing petroleum demand had convinced them to take tough action on supply.

A million-barrels-a-day reduction shaves limits for 10 OPEC members by 4 per cent to 24.2 million barrels per day.