The Organisation of the Petroleum Exporting Countries has had “no takers“ for the oil it offered the market a week ago, said Ali Naimi, Saudi Arabia's energy minister.

Opec has in the past week faced calls by the group of seven industrialised countries to help depress high oil prices by boosting output. But the fact that noone has bought any of the extra 2m barrels a day of oil Opec says it can offer, proves the market is well supplied with oil, Mr Naimi said.