Stanislav Krasilnikov\TASS via Getty Images

Saudi Aramco lowered its official oil selling prices in Asia and the Mediterranean region on Monday, Bloomberg first reported.

The state-owned producer's selling prices in the US and northwest Europe were pushed higher.

The move arrives one day after OPEC+ negotiated a global production cut of 9.7 million barrels per day, aiming to lift demand amid widespread coronavirus lockdowns.

Aramco's move signals a desire to maintain its dominance in Asia and competition against Russia despite the newly inked price-war truce.

Watch oil trade live here.

Even as OPEC+ producers tamper the global oil-price war and agree to slash supply starting in May, Saudi Arabia isn't resting easy.

State-owned oil titan Saudi Aramco lowered official selling prices for buyers in Asia and the Mediterranean region on Monday while hiking prices higher for the US and northwest Europe, Bloomberg reported. Prices for Aramco's oil in Asia now sit near their lowest level in two decades.

Asia represents Aramco's largest market, suggesting Saudi Arabia aims to maintain dominance in key markets even as pumping activity slows and prices bounce higher. Raising prices in the US might also serve as a strategic move, as Russia already dominates the American market.

The adjustments arrive one day after the oil coalition agreed to cut production by 9.7 million barrels per day to support demand. The world's most traded commodity has fallen under significant downward pressure from the coronavirus outbreak and resulting lockdowns.

Read more: Billionaire Chamath Palihapitiya has reaped a 997% return since 2011. He shares his 3-part strategy for today's coronavirus-hit market — and outlines how he's mining real estate for opportunities.

Saudi Arabia and Russia each promised to cut production by 8.5 million barrels a day after their tit-for-tat price war flooded the market with unwanted product and dragged oil prices to 18-year lows.

Prices have rebounded from late-March lows as the collective supply cut aims to shore up demand and lift oil from weeks of heavy selling.

Aramco slashed its official selling price for Asian buyers by $4.20 per barrel to a discount of $7.30 compared to the Middle East's oil benchmark, Bloomberg reported. Price hikes for US buyers ranged from $2.50 per barrel for Arab Extra Light crude to $4.20 for the exporter's heavy grade.

The world's largest producer delayed the pricing announcement four times as the April OPEC+ meeting was delayed and dragged through Easter weekend.

Read more: Terri Spath's funds kept client money safe during the coronavirus rout, financial crisis, and tech bubble. Here's how she's done it, and how she's already prepared to make big profits in the aftermath.

West Texas Intermediate oil traded about 2% lower to $22.74 per barrel at 2:30 p.m. ET Monday after posting major gains following Sunday's deal.

Brent crude, oil's international benchmark, traded roughly 0.2% lower to $31.98 per barrel.

Now read more markets coverage from Markets Insider and Business Insider:

Mark Cuban says banks are leaving small businesses 'out in the cold' by acting too slowly with emergency loans

A hedge fund betting on turbulence raked in a 400% return last quarter as the coronavirus sent markets spinning, report says

The CEO of Zoom says that any company using this crisis to sell products has a 'horrible culture,' as Cisco and Microsoft take advantage of its privacy firestorm

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption