Saudi Arabia, the world’s biggest oil exporter, moved to allay fears that the kingdom was backing away from its pledge to curb production, underlining its concern about a 10 per cent plunge in the crude price over the past week. The kingdom’s energy ministry rushed out a rare statement on Tuesday asserting its commitment to “stabilising the global oil market”, just as global benchmark Brent crude slipped towards $50 a barrel for the first time this year. The statement, released after 8pm in Riyadh, came after Opec’s monthly report showed Saudi Arabia’s production had increased in February, adding to pressure on the market that was already concerned about a rebound in US shale oil output. “Saudi Arabia assures the market that it is committed and determined to stabilising the global oil market by working closely with all other participating Opec and non-Opec producers,” the ministry said. Brent crude, the global benchmark, has dropped by almost 10 per cent to a low of $50.25 a barrel in the last week, while US marker West Texas Intermediate has fallen almost 11 per cent to $47.07 a barrel. Both benchmarks have erased all their gains since some of the world’s biggest producers agreed to curb supplies as part of a deal late last year as a rebound in prices has stoked a resurgence in US shale oil production.