Saudi Arabia raised its crude output to 10.3 million barrels a day in March, its oil minister Ali al-Naimi said, signalling an unexpected strong demand from its customers. Mr. Naimi did not give a reason for the increase in output, according to the official Saudi News Agency. The Kingdom’s previous record peak was 10.2 million barrels a day in August 2013. It told the Organization of the Petroleum Exporting Countries that it produced 9.64 million barrels a day in February. Mr. Naimi said that the kingdom’s production will continue at around 10 million barrels a day, signalling that his country is determined to ride out the price slide without making any output cut. “In terms of petroleum, I expect that prices will improve in the near future, that the Kingdom’s production will continue at approximately 10 million barrels per day,” Mr. Naimi said in a speech […]