While these are meant to replace production from older facilities, not to add new output, it is understood that the Saudis are now planning to delay the retirement of older fields in order to help ease the oil price.
With the shadow inventory down 14.8% in the year to April to 1.5 million (four months supply), residential real estate markets are no longer dragging on growth, but for the first time since 2005 will actually add to output expansion, Bovino explained.