In an update, BP said it has now spent some $1.6 billion as a result of the world's biggest accidental oil spill, up from $1.43 million on June 10.

The latest estimate puts BP's average daily spend since the Transocean Horizon rig sank on April 22, at almost $30 million compared to initial spending estimates of just $10 million/day.

Based on the latest figure, BP is now spending some $50 million/day on the spill response including containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs.

BP's shares fell by up to 5% in early London trading and stood 4.8% lower at 372.85 pence by 10:25 GMT.

On Friday they had closed higher for the first time in six trading days.

BP's shares have now fallen by 43%, equivalent to over $70 billion in market value, since the Transocean Horizon rig exploded killing 11 workers on April 20.

BP directors are to hold a special board meeting Monday to discuss the Gulf disaster and decide whether to cut the dividend or delay as part of moves to appease US politicians, the company confirmed.

Some market watchers believe BP will bow to growing US pressure and decide to suspend dividend payments as its potential liability over the Gulf oil spill soars.

BP does not plan to make an announcement following the board meeting but will update the market "as and when" it makes a final decision over its dividend payments, a company spokeswoman in London said.

OBAMA PLANS ADDRESS ON SPILL

President Barack Obama is scheduled to meet with BP CEO Tony Hayward and BP chairman Carl-Henric Svanberg on Wednesday to discuss US concerns about financial claims being paid by BP.

Oil analysts have estimated that the total bill from the spill could range from $15-30 billion over a number of years.

Obama is to call for BP to fund an independently administered claims payment program in escrow for Gulf Coast workers and businesses seeking to be covered for financial losses due to the Gulf of Mexico oil spill, senior advisor David Axelrod said Sunday on NBC's Meet the Press.

The US president spoke to British Prime Minister David Cameron on Saturday about his criticism of BP and assured him it had "nothing to do with national identity," amid concerns his harsh criticism of BP could stoke an anti-British backlash.

Obama will also address the nation over the disaster in a rare, prime-time televised address Tuesday, after he returns from his fourth visit to the Gulf states affected by the spill, the White House said.

Separately, BP said it continues to collect around 15,000 b/d from its containment cap mechanism. The company said it collected approximately 7,720 barrels of oil from the Macondo well during the first 12 hours of Sunday. Gas flared during the period totaled 16,900 Mcf, BP said.

The total volume of oil collected by the LMRP cap system since it began operation is approximately 127,000 barrels, it said.

--Robert Perkins, robert_perkins@platts.com