Saudi Aramco postpones oil export price announcement

US, WASHINGTON (ORDO NEWS) — The state-owned company from Saudi Arabia, Saudi Aramco, again postponed the publication of official selling prices for oil until May, now until Sunday, Bloomberg reports citing sources.

On Monday, Reuters, citing a source familiar with the situation, reported that the company postponed until April 10 the announcement of May official oil prices (official selling prices, OSP). The agency’s interlocutor specified that they will depend on how the OPEC + meeting ends.

The information that Saudi Aramco should now decide about the May oil prices and publish them on Sunday, a Reuters source also confirmed. Bloomberg did not receive a comment from the state-owned company.

As the head of the Ministry of Energy of the Russian Federation Alexander Novak said on the eve, OPEC + agreed, after a break for a month, new agreements on reducing oil production. They will be valid for two years from May 1.

At the same time, it is planned to reduce the total production by 23 alliance countries by 10 million barrels per day from the level of October 2018 in May-June, by 8 million in the second half of the year and by 6 million – further until the end of the agreement.

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