The summit meeting of the six-nation Gulf Co-operation Council in Abu Dhabi had been dominated by the crisis inflicting the oil markets. Selling petroleum products is the main source of revenue for the majority of them, and the slump of prices to a 25-year low has hit their budgets hard.

The economic slump in Asia has driven down demand for oil

The Saudi Arabian Crown Prince Abdullah gave a frank assessment of the situation, saying that the "boom days of easy petrodollars are gone forever".

The prince, who is in charge of the world's largest oil producer and exporter, said: "We must all get used to a different way of life which does not stand on total dependence on the state."

Journalists in the Gulf called Crown Prince Abduallah's comments a "historic milestone" and described it as the beginning of a "Gulf Perestroika".

But the the call from Saudia Arabia, Kuwait, the United Arab Emirates, Qatar, Oman and Bahrain on all producers to reduce their production quotas did not impress the markets. The price for Brent Crude Oil - benchmark for the world's oil market - barely moved, rising only slightly before dropping again.

A barrel Brent Crude was trading at around $9.50, and February Brent Crude was priced at $10.45.