Around 20 of the world's biggest oil companies are due to meet next week to discuss the crisis in the industry which is reeling from a slump in crude prices and growing global economic uncertainty.

The high-level talks coincide with intense speculation about large-scale consolidation following British Petroleum's surprise $38 billion (£25.6 billion) takeover last month of Amoco of the US.

A senior US energy lawyer has been invited to attend the summit to head off any suspicion that the oil majors intend to carve up markets or engage in price-fixing, according to one of the organisers.

Companies expected to participate include some of the biggest publicly quoted western oil companies, including Royal Dutch/ Shell, BP, Chevron, Elf Aquitaine, Total and Eni.