Production commitments from Saudi Arabia, coupled with a low price prediction from the United States, dealt a blow to crude oil prices Wednesday. Saudi Oil Minister Ali al-Naimi said at an economic conference in Riyadh late Tuesday he was optimistic oil markets would recover, adding production from the de facto leader of the Organization of Petroleum Countries was steady . “Oil production in the kingdom is stable and the kingdom’s production per day in March amounted to 10.3 million barrels of oil,” he said. An OPEC decision in November to keep production steady increased the downward pressure on oil markets favoring the supply side because of increased output from the United States. U.S. oil production is around 9.3 million bpd. Brent crude […]