A record number of oil tankers are anchored in the yachting haven of Torbay, their owners refusing to discharge the £321 million worth of oil until the prices at the pump go up again.

Industry watchers say it is a deliberate move which is replicated throughout the world and when enough oil is simply sitting around the price will have to go up as supply dwindles.

Traders are also buying oil on the cheap now to store and sell later when prices increase.