Talks among global producers aimed at securing curbs of 10 million barrels a day are entering their third day
Saudi Arabia is pushing back a key decision on pricing for its crude exports as the kingdom seeks to commit global producers to a massive coordinated supply cut.
State producer Saudi Aramco is set to decide on and announce pricing for May crude exports on Sunday, according to people with knowledge of the situation.
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.
Aramco didn’t immediately comment on the delay.
Talks among global producers aimed at securing curbs of 10 million barrels a day are entering their third day Saturday. Saudi Arabia convened OPEC+ members Thursday, hosted a conference call of G-20 energy ministers Friday and is set to speak with US and Mexican officials Saturday. The meetings that stretched overnight failed to overcome Mexican resistance to the proposed reductions.