(Bloomberg) — Saudi Arabia is cutting oil prices for buyers in Asia, its largest market, as OPEC+ begins to ease restrictions on production.

State producer Saudi Aramco ( 2222.SR ) will lower the price for its Arab Light crude to Asia for April by 40 cents a barrel, the first reduction in three months, according to a price list seen by Bloomberg. That’s larger than a cut of 15 cents a barrel anticipated by traders and refiners in a Bloomberg survey. It follows a big hike for March.

The Organization of Petroleum Exporting Countries and aligned producers agreed this week to go ahead with plans to begin reviving halted oil production next month. The group, led by Saudi Arabia and Russia, will increase output amid pressure from US President Donald Trump for lower prices, and after several delays prompted by market weakness.

Oil slumped earlier this week as those output hikes threaten to add barrels to a market that’s expected to be oversupplied, while a barrage of tariffs by the US menaces global consumption. Collectively, those moves pulled Brent futures below $70 a barrel for the first time since October, while there’s also been pressure on Middle Eastern oil markets following OPEC+’s production decision.

Refining margins are still weaker than processors would like so far this year after falling in 2024, Aramco Chief Financial Officer Ziad Al-Murshed said on an earnings conference call Tuesday. Still, Chief Executive Amin Nasser maintained a bullish outlook on the market as a whole, saying demand remained healthy and should hit a record this year.

Saudi Aramco set Arab Light at a premium of $3.50 a barrel to regional benchmarks for April. That’s down from $3.90 in March. It also reduced all prices to northwest Europe and the Mediterranean. It held prices to the US steady.

—With assistance from Alex Longley and John Deane.

(Updates with additional prices in final paragraph.)