LONDON (Reuters) – The Saudi National Oil Company has informed buyers it has postponed issuance of official selling prices for its raw materials for April until after the meeting of OPEC and its allies, two informed sources said.
The Organization of Petroleum Exporting Countries is pushing for an additional cut of 1.5 million barrels per day until the end of the year.
OPEC hopes that producers from outside the organization will participate in five hundred thousand barrels per day of the total reduction, but the success of the agreement depends on Russia’s approval, and it is not entirely certain.
If approved, the new agreement would mean increasing the total supply restrictions to 3.6 million barrels per day, equivalent to approximately 3.6 percent of global supplies.
Saudi Aramco usually announces its official price for the sale of crude on the 5th of every month.
Prepared by Mahmoud Salama for the Arabic Bulletin – Edited by Ahmed Elhamy