Saudi Arabia, the world's biggest oil exporter, on Wednesday lowered its July prices for Asian buyers after OPEC+ hiked output for a fourth month although the price cut was smaller than expected.

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.