Saudi Aramco has reduced crude oil prices for Asian buyers for April following the decision by OPEC+ to increase oil supply this month, according to Arab News.

The decision to lower prices aligns with market expectations, with the new cost sitting at $3.50 per barrel from $3.90 – slightly above the average price of crude from Dubai and Oman.

The OSP for Arab Light previously reached a 12-month high in February.

Other Saudi crudes also saw price cuts, with OSPs for Arab Extra Light now $3.30 per barrel, Arab Super Light $4.05 per barrel, Arab Medium at $2.95 per barrel, and Arab Heavy at $1.80 per barrel.

A slight difference remains for North American buyers, who’s price for Arab Light sits at $3.80 per barrel above the Argus Sour Crude Index for March.

Alongside the reductions, OPEC+ has increased output by 138,000 bpd starting April – the group’s first such decision since 2022. Russian and Iranian oil exports to China have also since increased, with oil tankers making use of lucrative payoffs.

Expectations for the reduction in prices were first revealed in December when Asian refinery sources told Reuters that Saudi Arabia would drop crude prices for Asia to their lowest level in years. At the time, the sources noted that prices could decline by 70 to 90 cents per barrel.

US President Trump also played a part in the move, calling on OPEC+ to lower prices in February. At the time, the organisation had delayed production revival three times.

Shedding light on the issue, Algeria’s Energy Ministry said in a statement at the time that despite doubts, “market fundamentals remain strong, as indicators of economic growth recovery are showing in several regions”. The official added that OPEC expected a “greater recovery in demand for oil starting April after a seasonal slowdown during the first three months of 2025”.

Referring to Trump’s demands for an increase in oil production, Russia’s Deputy Prime Minister Alexander Novak said the panel “partially touched upon [the subject], one way or another,” in an interview with Russia’s state-owned TV channel Rossiya 24, according to the Financial Post.