UAE backs Saudi call for oil talks

dubai — The UAE supports Saudi Arabia’s proposal to call for an emergency meeting for Opec+ and other producers, Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Economy, said on Sunday.

“A joint and combined effort by all oil-producing countries is required, not only the group of Opec+ countries,” the minister said in a statement.

“The UAE is confident that, if an agreement can be reached, all producing countries will work quickly and cooperatively to address the weak demand for oil in global markets, helping to rebalance the market and maintain global oil inventories at reasonable levels.”

Saudi crude prices delayed

Meanwhile, 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 bpd bound for Asia.

Opec and its allies are due to meet on Thursday. —