Saudi Arabia is delaying the release of its closely-watched monthly oil-pricing list until later this week as the kingdom spars with Russia over a potential meeting of global producers that would aim to halt the collapse in crude.
State oil producer Saudi Aramco is now set to announce its official selling prices (OSP) for May on Thursday, sources told Bloomberg. The OSPs, as the prices are known, were due on Sunday.
Aramco is holding off on the announcement to await signs of what may happen when suppliers meet Thursday to discuss crude production.
With the coronavirus pandemic crimping oil demand, benchmark Brent crude has plunged 48 percent this year.
Refiners and traders expect Aramco to cut pricing for May due to the collapse in demand.
This is the second consecutive time that Aramco has delayed its key pricing announcement beyond its traditional deadline of releasing the numbers by the 5th day of each month.
When it comes, the decision may affect about 14 million barrels a day of exports from the Persian Gulf because other producers in the region often follow Aramco’s lead in setting prices for their own shipments.
