DUBAI, Apr 12 (Reuters) – Saudi Arabia would announce its official oil prices for May on Monday, a source told Reuters, after delaying the publication until after talks with leading global producers on production cuts days ago.
Oil company Saudi Aramco has postponed the data pending talks by Riyadh led on Thursday, which produced a tentative agreement that failed after Mexico rejected its share of the proposed pump cut. Further discussions among the G20 energy ministers the next day also failed to sign a deal.
Saudi Aramco generally issues its official selling prices before the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia.
The deal on coordinated pumping cuts from OPEC and other producers, including Russia, a group called OPEC +, ended last month after more than three years.
Riyadh and Moscow later said their objective was to increase supply, weighing on prices, which have also been affected by the destruction of demand as a result of the coronavirus pandemic.
(Report by Rania El Gamal; Edited in Spanish by Javier Leira)