Saudi Arabia has increased the September prices for crude it sells to Asia by less than forecast, traders said on Thursday, as the world’s biggest oil exporter defends its market share amid slowing demand. Refining profits have fallen to the lowest level of the year in Asia, prompting refiners to cut output even as the Organization of the Petroleum Exporting Countries (OPEC) pumped at historic highs in July, helping to depress global oil prices to multi-month lows. [O/R] OPEC kingpin Saudi Arabia maintained output near record levels in July as the group showed no sign of wavering in its focus on defending market share instead of prices. [OPEC/O] Asia is the only region where Saudi Arabia raised oil prices in September. “The region’s refiners may rue the fact that […]