Saudi Arabia said to delay May crude prices until after OPEC+ meeting

05/04/2020 Argaam

 

Saudi Aramco will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, Reuters reported on April 5, citing an unnamed senior Saudi source familiar with the matter.

 

The source further noted that it is an unprecedented measure that has not been taken by Aramco before, and added that May OSPs will depend on how the OPEC+ meeting concludes.

 

“We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs,” Reuters quoted the source as saying.

 

OPEC and its allies are scheduled to meet this Thursday to discuss a possible cut in global crude oil supplies.

 

Saudi Aramco typically issues its OSPs by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia, the Reuters report added.

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