As Saudi Arabia and other major producers seek to halt the free-fall in worldwide crude prices, the kingdom is taking unprecedented action in delaying the release of its international crude selling prices by five days.
Due to major producers like the US, Russia and Saudi Arabia last weekend did not come any closer to resolving a growing supply glut, the price of oil fell anew at the open of Asian trading.
Along with the coronavirus pandemic, a month-long price war between Saudi Arabia and Russia has cut the price of crude to $34 a barrel from $65. To resolve the dispute in recent days, OPEC members, led by Saudi Arabia, have stepped up efforts. The members of OPEC have called on the US and other big producers to be involved.
The OPEC on Thursday is expected to meet to talk about cutting output to alleviate a supply glut. The meeting was previously scheduled for Monday.
Brent crude futures LCOc1 on Friday settled at $34.11 a barrel. Prices fell to $32 a barrel in early Asia trading. From a $28.34 close on Friday, the US WTI crude CLc1 plunged to $26.15 a barrel on Sunday.
