Under the OPEC+ production increase plan, Saudi Arabia lowered crude oil prices for April sales to Asia.

On March 7th, Jinshi data reported that as OPEC+ began to relax production restrictions, Saudi Arabia is dropping its oil prices for its largest market, Asian buyers. According to a price list seen by foreign media, Saudi Aramco will reduce the price of Arab light crude oil sold to Asia in April by 40 cents per barrel, setting it at a forwardation of $3.50 per barrel compared to the Oman/Dubai average. This is the first price drop in three months and it is larger than the expected 15 cents per barrel by traders and refiners in the survey. OPEC and its allies have agreed this week to continue with the plan to resume suspended oil production next month. Under pressure from U.S. President Trump to drop oil prices, OPEC will increase production, which had been postponed several times due to a weak market.