Aramco postpones official price announcement

US, WASHINGTON (ORDO NEWS) — Saudi Aramco, the national oil company of Saudi Arabia, has delayed the announcement of its monthly official selling price (OSP) until later this week.

Cracks are deepening between Saudi and Russia ahead of an oil-producing country meeting to halt the sharp decline in crude oil prices.

According to one person familiar with the matter, a new OSP announcement date for May has not been set, and the announcement could be on the 7th or 9th. He spoke on condition of anonymity because it was private information. The OSP was to be announced on the 5th.

Organization of Petroleum Exporting Countries and the (OPEC) “OPEC plus” constituting a non-OPEC major oil-producing countries is urgent to 9 days television meeting scheduled to be held, Aramco that it has postponed the announcement of the OSP for to find out the result.

Saudi Arabia and Russia have blamed each other for their responsibilities that could not be agreed to continue OPEC Plus cooperative production cuts, and conflicts between the two countries could make a new cuts production agreement difficult.

Alamco has delayed the announcement of the major oil type OSP for the second consecutive month. It is usually announced by the 5th of every month. Because other Persian Gulf oil-producing countries often follow Aramco’s pricing, its OSP can affect about 14 million barrels per day of oil exports from the region.

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