Meanwhile at another meeting this week in Saudi Arabia, the security of oil supplies will be the central theme when Middle East and Asian oil ministers meet.

The meeting comes days after Riyadh said it had foiled a militant plot against its oil facilities. Asian importers – who buy 55 percent of their oil from the Middle East – will be looking for reassurance that oil facilities can be protected.

The Saudi oil minister, Ali al-Naimi said “Consumers are interested in receiving supplies at a suitable time and at the desired volume. As for producers, energy security is represented in securing a guaranteed market for their output. This is one of the main topics which would be discussed.”