The current 2.4 litre V8 engine formula remains frozen until the end of the 2012 season, but the F1 teams are edging closer to agreeing a new engine formula for the six-year period beginning in 2013.

An 'in-principle agreement' has been reached for a four cylinder, 1.5 litre engine with a twin-turbo and direct injection. The new formula also involves Kinetic Energy Recovery Systems.

Mercedes' Norbert Haug agrees that smaller engines are likely for reasons of consumption and emissions, but warns that high technology needs to remain a crucial focus.

"If you fly from Europe to Japan on a 747, you would use more fuel than an entire F1 season," he said. "We need to see the whole picture."