BP bosses will discuss later today whether to suspend dividends to shareholders. They are due to meet President Barack Obama on Wednesday.

Obama wants BP to use the money to pay for the Gulf of Mexico clean-up which the company said on Monday had so far cost $1.6bn (£1.1bn).

A prolonged dividend drought would be be bad news for BP but in the short term it might remove Obama’s boot from its throat whilst it sorts out the mess.