It has taken some useful steps that may help to stabilise markets, such as the Joint Oil Data Initiative, but it plays a relatively minor role.

Mr Liveris has also reduced Dow's debt and adopted an “asset light ” strategy based on joint ventures, most recently with Libya's National Oil Corporation.

Russia’s third-biggest oil company, a joint venture between BP and Russian investors, was beset by squabbles last year, leading to the resignation of Robert Dudley.