Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to close to the lowest level in four years on Wednesday, in what the market sees as the country's attempt to regain market share.

Saudi Arabia lowered the July price of its Arab Light crude for Asian buyers after OPEC+ decided to accelerate output hikes.

Saudi Arabia is set to reduce its July crude oil prices for Asia to a six-month low, mirroring declines in benchmark prices due to an uptick in supply from OPEC+. The anticipated drop for Arab Light crude could range from $0.