Saudi Arabian Oil Co. (Aramco) reduced prices as the largest oil exporter in the world is increasing supply to satisfy demand from clients, Bloomberg reports.

Aramco cut prices of September shipments for all grades sent to Asia, its largest market.

In July OPEC increased output, and the biggest part of this gain comes from Saudi Arabia that lifted production to near record highs last month. OPEC and partners agreed to raise output in June. Saudi Arabia and Russia informed about additional 1 million barrel a day of oil that they are going to release to market.

Aramco also cut prices for deliveries to Northwestern Europe ad Mediterrian,

Price of Brent fell to $72 per barrel.

Middle Eastern producers compete for Asian buyers with Latin America, North Africa, Russia and US.

Setting official selling price higher or lower than in previous months, Aramco signals about its view of global oil demand. Reudction in price may indicate that the company wants to sell more material. Saudi Arabia is usually the first publishing monthly price, and other producers in the region usually follow after it.