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Aramco Delays Oil Pricing Statement as OPEC+ Talks Continue

  • Saudis orchestrating talks with global producers to cut output
  • Discussions enter third day as Mexico holds out on proposal
Crude oil storage tanks at the Juaymah tank farm at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia.

Crude oil storage tanks at the Juaymah tank farm at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia.

Photographer: Simon Dawson/Bloomberg

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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.