Making .ogg as small as possible?

How can I force .Ogg filetypes to become smaller, Even with a loss of quality?

I’m a bit new to audacity, so don’t ask me to plug the incubelta into the whatsomatic port quite so fast.
Thanks if you can help me out, I searched several boards here but no luck…

Audacity 1.3.4 (different in 1.2.6);

“File > Export”
Select “Ogg” as the file type.
Click on “Options”
Slide the “Quality” slider to zero.
Click “OK”
Click “Save”

(If you are using Audacity 1.2.x, I recommend that you try 1.3 - there’s a few minor bugs in it, but it has a lot of advantages over 1.2.6 and it will be the basis of the new stable 1.4 release when it is completed).