SINGAPORE, July 9 (Reuters) - China's top refiner, Sinopec Corp, will lift less crude from top exporter Saudi Arabia in August as it extends cuts for a second straight month. Asia's top refiner, which takes in 80 percent of China's Saudi crude imports, is already cutting production in July for the second month as inventories bulge and margins fall due to slowing demand. The kingdom will supply full contracted volumes of crude to other Asian term buyers in August, despite an unexpected increase in the official selling price (OSP) this month. Traders are assessing the direction for the Middle East crude market, with concerns of slowing demand from China and other top consumers weighing on sentiment. On the other hand, a fall in exports from Iran due to tightening Western sanctions is providing a floor. Qatar, one of OPEC's smallest oil producers, has lowered its June retroactive official selling price (OSP) for Qatar Marine crude to $95.60 a barrel, down $12.90 from May. That puts the Qatar Marine OSP at a $1.16 per barrel premium to the June Dubai quotes average of $94.44, compared with a $1.19 premium in May. Brent crude oil climbed to around $99 a barrel on Monday as failed labour talks stoked worries of a full shutdown of Norwegian oil production, while hopes China would ease monetary policy also supported prices. *MARKET NEWS - Norway is hours away from the first complete shutdown of its oil industry in more than 25 years as the government holds off on breaking up a fight between striking offshore workers and employers, threatening exports from western Europe's top producer. - Goldman Sachs on Monday maintained its 3-month Brent crude oil price forecast at $120 a barrel, saying that modest growth in the global economy will support demand. - China and India have entered more marked economic slowdowns while growth continues to moderate in most major industrial economies, the OECD said on Monday. - Oil exports have resumed from Iraq's southern Basra terminals with 1.536 million barrels per day shipped out on Monday thanks to better weather, a shipping source said. - Kairos Oil Trading, the latest start-up in Singapore, is aiming for revenue of $1 billion within a year by ramping up trade across the oil barrel and feeding the growing demand of Asia's emerging economies, its chief executive said. CRUDE Price Prev Change SEP DME Oman diff to Dubai swaps 0.93 1.05 -0.12 AUG Brent 99.02 99.94 -0.92 SEP Dubai 95.89 96.86 -0.97 SEP DME Oman 96.82 97.91 -1.09 AUG Brent/Dubai EFS 2.90 2.82 0.08 PRODUCT CRACKS AUG fuel oil crack -4.02 -3.52 -0.50 AUG gasoil crack 17.37 17.39 -0.02 AUG naphtha crack -8.46 -9.16 0.70 COMPLEX REFINERY MARGINS Today 7.35 Last 5 days 6.50 Last 365 days 7.31

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