Saudi Arabia has raised oil prices for customers in all regions, according to Bloomberg.

State producer Saudi Aramco has raised the price of its Arab Light crude for Asian deliveries next month to $9.35 a barrel above its benchmark.

Aramco made this decision after OPEC+ decided to continue the gradual increase in production. A group of 23 countries, led by Saudi Arabia and Russia, resisted calls from major importers, including the US, to boost production growth and lower global fuel prices.

This is a significant increase, said Giovanni Staunovo, commodity analyst at UBS Group AG.

The price hike in Saudi Arabia, which is likely to set the tone for other Middle Eastern producers such as Iraq and Kuwait, comes despite a wave of virus lockdowns in China, the world's largest oil importer.

Aramco raised prices for other Asian grades by at least $2.70 a barrel, while all US prices were raised by $2.20. US Arabian light oil will jump to a record premium of $5.65 per barrel.

More than 60% of Saudi Arabia's oil supplies go to Asia, with China, Japan, South Korea and India being the biggest buyers. The kingdom is the world's largest exporter of crude oil and produced 10.3 million barrels a day last month.