The world's biggest oil exporter Saudi Arabia may cut its crude prices for Asian buyers in July to the lowest in six months, refiners said, tracking losses in benchmark prices driven by rising supply from OPEC+.

OPEC+ announces a significant increase in oil production for July amid falling prices and geopolitical strategies, affecting global oil markets and U.S. consumer costs.

Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July. Analysts see several possible motivations for the production hikes, one of them being Saudi Arabia and others penalising members for not keeping to their quotas under the cuts first agreed in 2022.