March 6, 2020 / 10:37 AM / in 22 days

Saudi Arabia delays crude OSPs on OPEC+ deal uncertainty

LONDON (Reuters) - Saudi Arabia’s state oil firm told buyers that is has delayed publishing its crude official selling prices (OSP) for April until after a meeting between OPEC and its allies, two sources with direct knowledge said.

The Organisation of Petroleum Exporting Countries is pushing for an additional production cut of 1.5 million barrels per day until the year end.

OPEC hopes non-OPEC producers will contribute a cut of 500,000 bpd to the total but the deal’s success hinges on Russia’s agreement that is far from certain.

If agreed, the new deal would mean supply curbs amounting to a total of 3.6 million bpd, or about 3.6% of global supplies.

Saudi Aramco typically issues its OSPs by the 5th of each month. <CRU/OSP>

Reporting by Julia Payne and Rania El Gamal; editing by David Evans

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