Saudi Arabia is delaying a key pricing decision for its crude exports yet again as the kingdom’s talks to secure agreement among global producers for a massive coordinated supply cut stretch into a fourth day.
State producer Saudi Aramco is now set to decide on and announce pricing for May crude exports on Monday, according to a person with knowledge of the situation. The official selling prices, or OSPs, were meant to be released April 5 before being delayed to allow producers time to discuss output cuts amid demand destruction due to the coronavirus.
This is the third time the pricing decision has been pushed back as Saudi Arabia continues talks with Mexico, the last hold-out on the output deal.