Aramco delays oil pricing amid Saudi-Russia row on oil cuts

Saudi Aramco delayed the release of its key monthly oil pricing list until later this week as the kingdom trades barbs with Russia about the OPEC+ meeting aimed at ending the collapse in oil prices, Bloomberg reports.

A new date for the announcement of Aramco’s official selling prices for May is not yet set, and the release could be pushed to Tuesday or Thursday, according to a person with knowledge of the situation who asked not to be identified because the information is private. It was due to be published today.

The state oil giant is delaying the announcement to await an indication on what may happen at an OPEC+ meeting planned for Thursday to discuss crude production levels after the collapse in demand due to coronavirus. The Saudi, Russian exchange of diplomatic attacks is opening a fresh rift between the world’s two largest oil exporters and jeopardizing a deal to cut production.

This will be the second month in a row that Aramco delays its key pricing announcement beyond its traditional deadline of releasing the numbers by the 5th of the month. The pricing decision may affect about 14 million barrels a day of regional oil exports since other Persian Gulf producers often follow Aramco’s lead in setting prices for their own shipments.