Saudi Aramco delays oil pricing announcement for May until Saturday

Saudi Arabia’s state oil giant, Aramco, announced on Thursday, it will further delay its oil pricing announcement for May until Saturday.

On Sunday, a senior Saudi source familiar with the matter, said that "Saudi Arabia's delay in issuing may crude prices is an unprecedented measure to allow more time to reach out to oil producers ahead of Thursday's meeting.”

Meanwhile, the said OPEC and non-OPEC producers (OPEC+) meeting is scheduled to take place this afternoon. Oil markets remain hopeful of an output cut agreement being reached at the meeting to the tune of 10 to 15 million barrels per day (bpd), in an effort to stem the recent price declines.

• WTI consolidates the upside near $26 amid imminent OPEC+ output cuts