Saudi Aramco to Release May Crude Official Prices on Sunday

  • 4/12/2020
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State producer Saudi Aramco is set to announce its crude prices for May on Sunday, having delayed the official release until after it finalizes a global oil supply cut deal. The official selling prices, or OSPs, were meant to be released April 5 before twice being delayed to allow producers time to discuss output cuts amid demand destruction due to the coronavirus. The company’s pricing is a key indicator for traders since it affects about 14 million barrels a day of Persian Gulf crude exports. Other producers in the region follow Aramco’s lead in setting prices for their own shipments. Abu Dhabi and Kuwait have also said they’re waiting for the outcome of the meetings before releasing pricing. Talks among global producers aimed at securing curbs of 10 million barrels a day entered their third day Saturday. Saudi Arabia convened OPEC+ members Thursday, hosted a conference call of G-20 energy ministers Friday and spoke with US and Mexican officials Saturday.

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