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.

When Prince Abdulaziz bin Salman was appointed Saudi Arabia’s energy minister six years ago, he vowed to heed even the smallest of OPEC+ nations. But at the cartel’s meeting this weekend, even the most powerful members couldn’t block Riyadh’s designs.