Saudi Arabia delays May crude prices until after OPEC+ meeting

Short Url
Updated 05 April 2020

Saudi Arabia delays May crude prices until after OPEC+ meeting

  • OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut

DUBAI: Saudi Aramco will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on Sunday.
"It is an unprecedented measure that has not been taken by Aramco before. May OSPs will depend on how the OPEC+ meeting concludes. We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs," the Saudi source said.
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.
OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted US President Donald Trump to intervene.
The Saudi source said that Riyadh wants to avoid a repeat of the outcome of a March meeting where oil talks collapsed between OPEC and allies "due to Russia's lack of cooperation with the rest of OPEC+ participants".
Coordinated cuts between OPEC members and others led by Russia expired on March 31 having helped support crude prices since they began in January 2017.
The OPEC+ meeting was initially due for Monday, but was postponed to April 9 "to allow for more time to reach out to all producers including OPEC+ and others," the Saudi source said.


Saudi Arabia eases coronavirus lockdown restrictions

Updated 26 May 2020

Saudi Arabia eases coronavirus lockdown restrictions

  • Curfew to be eased on Sunday, except in Makkah, as domestic travel permitted
  • All curfews in Saudi Arabia to be lifted by June 20

RIYADH: Saudi Arabia announced the easing of restrictions that has halted much of the activity in the country due to the coronavirus pandemic.

As of Sunday 31, May, the curfew on all areas of the Kingdom will be eased, except Makkah. Movement in cities and within the regions of the country will again be permitted, the Saudi Press Agency reported on Tuesday.

The easing will mean the Kingdom’s 24-hour lockdown is relaxed with a curfew from 3 p.m to 6 a.m until Sunday, after which the hours will change to 8 p.m. to 6 a.m.. Makkah will remain under a full 24-hour lockdown.

On June 21, all curfews in the Kingdom will be lifted and prayers at Makkah’s mosque will be permitted.

Before then, social distancing guidelines must continue to be adhered to and gatherings of more than 50 people will continue to be banned.

Authorities have also allowed the attendance at ministries, government agencies and private sector companies, and the return of their office activities.

Some economic and commercial activities will also be allowed to take place including those at wholesale and retail shops, as well as malls. Cafes will be permitted to operate once more.

However, all job sectors where social distancing rules are harder to achieve such as beauty salons, barbershops, sports and health clubs, recreational centers and cinemas will remain closed.

Umrah pilgrimage and international flights will continue to be suspended until further notice.

The new rules are subject to constant evaluation at the health ministry and can be changed if the situation warrants it.

Earlier, Dr. Tawfiq Al-Rabiah, the health minister, said: “The phases start gradually until we return to normalcy, with its new concept based on social distancing.” 

He added that the precautionary steps taken by the Kingdom early in the outbreak helped to limit the spread of the virus. 

Now, he said, the ministry has developed a plan for the next phase that relies on two main factors: The capacity of the health care system to cope with critical cases, and the expansion of testing to identify new infections as soon as possible.

Reassuring the Saudi nation on Monday, Crown Prince Mohammed bin Salman said: “The bad conditions will pass, God willing, and we are heading toward the good, God willing.” 

The Kingdom recorded 2,235 new cases of COVID-19 on Monday, taking the total to 74,795, and the death toll rose by nine to 399. Worldwide the virus has infected more than 5.5 million people and killed nearly 350,000.