Saudi seen cutting all crude prices to Asia for September

Top oil exporter Saudi Arabia is expected to lower the price of all its crude grades heading to Asia for September on slow demand from regional refiners deterred by their current high costs, traders said on Tuesday.

A poll of seven refiners and traders said they saw no upside for Saudi crude prices to Asia as they estimated the August official selling prices (OSPs) to be too expensive and after Abu Dhabi issued very competitive OSPs late on Monday.

"The Saudi OSPs are too expensive now and I think some have already lowered their requirements," a trader with a refiner said.