Saudi Arabia’s Oil Minister Khalid al-Falih has tried to reassure markets of The Kingdom’s commitment to the rebalancing of crude oil’s fundamentals, after benchmarks yesterday slid down on an announcement that Saudi Arabia had increase production in February to 10.01 million bpd . The Kingdom, al-Falih said,”is committed and determined to stabilize the global oil market by working closely with all other participating OPEC and non-OPEC producers.” Al-Falih then went on to explain that the self-reported level of production does not necessarily reflect the actual amount supplied to the market. It was Saudi Arabia’s self-reported figure for February that pressured prices, with WTI diving to $47.72 in midday trading, and Brent touching the psychologically significant $50 barrier, at $50.78 a barrel. Secondary sources, which OPEC uses to calculate each member’s monthly production, pegged the Saudi output at 9.797 million barrels daily. The 10.01 million bpd are still below Saudi […]