SINGAPORE, July 3 Reuters Asian refiners expect Saudi Arabia to lower prices for its crude supply to the region in August, a Reuters survey showed, even as the top oil exporter pledged to deepen production cuts in July as part of a broader OPEC deal.

Saudi Arabia in June unexpectedly raised prices for Julyloading cargoes, eating into Asian refiners39; margins.

To support global prices depressed by rising interest rates and recessionary fears, the producer volunteered to cut output by 1 million barrels per day bpd in July on top of a broader OPEC deal to limit supply into 2024.

State oil company Saudi Aramco is expected to cut the official selling price OSP for Arab Light crude in August by about 50 cents a barrel from the prior month, according to a Reuters survey of six refining sources.

The July OSP for the flagship grade hit a sixmonth high of 3 a barrel above the average of Dubai and Oman quotes.

Saudi needs to trim prices to reflect the market movements. They have gone a bit too far from the reality in the past few months, said one survey respondent.

Profits at a typical Singapore refinery processing Dubai crude fell to an average of 3.44 a barrel in June, from 4.78 a barrel last month.

Also, demand for Augustloading cargoes, which would arrive at Asian refineries in September, could fall as some plants are set to shut for maintenance, survey respondents said.

Saudi crude prices typically closely track changes in benchmark Dubai monthly price spreads, but…