June 4, 2020 / 9:20 AM / 2 months ago

Saudi Aramco to delay July OSPs pending OPEC+ meeting: sources

FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

DUBAI (Reuters) - Saudi Aramco is set to delay its July crude official selling prices (OSPs) until at least Sunday pending the outcome of a meeting of OPEC+ producers, two sources familiar with the matter told Reuters on Thursday.

OPEC+ is still debating when to hold their virtual ministerial meeting to decide on whether to extend current oil output cuts.

OPEC+ sources said on Thursday that the meeting is still possible this week but only if non-complying countries pledge to improve their compliance with existing cuts.

Saudi Aramco typically issues its OSPs by 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.

Reporting by Rania El Gamal; editing by Jason Neely

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