Saudi Arabia sets Sept crude prices to Asia at record high

Saudi Arabia, the world’s top oil exporter, raised September crude oil prices for Asian buyers to record high levels despite falling refining margins. Refiners have been concerned that a further hike in crude oil prices could prompt refineries to trim output to manage their balance sheets.Saudi’s OSPs also came after OPEC+ agreed to raise its oil output goal by 100,000 barrels per day from September, although the market saw the increase as too small to have any meaningful impact on the supply.