Top global oil exporter Saudi Arabia raised its crude production in April to a record high, feeding its flourishing Asian market share and its own power plants and refineries. The world’s top oil exporter pumped 10.308 million barrels of oil per day in April, a Gulf industry source told Reuters on Tuesday, compared to 10.29 million bpd in March. “This is an indication of strong demand, especially from Asia, as well as increasing domestic consumption during summer,” the source said. The increase underlined Saudi Arabia’s determination not to cede market share to higher-cost producers, such as U.S. shale drillers. The kingdom and others in the Organization of Petroleum Exporting Countries (OPEC) had resisted cutting production to shore up oil prices. It also highlights the strength of global demand, which has helped lift refinery profit margins to their highest in years. Oil Minister Ali al-Naimi has said the kingdom’s […]