After Russia refused last week to accept OPEC's proposal to cut oil production by 1.5 million barrels per day to prop up oil prices, Saudi Aramco announced on March 7 that it would lower its April pricing differentials by $4-$6 to Asia and $7 to the United States. The move took Asian differentials from premiums to steep discounts and Saudi Arabia strongly hinted at a substantial production increase, which Saudi Aramco sources confirmed to media outlets on March 8 without attaching specific numbers. The development, in turn, produced a shock to financial markets, with Brent crude oil down to $35 per barrel in late trading on March 9.