Saudi to commission two new oil developments

Saudi Arabia will commission two new oil developments on schedule this summer to boost the country’s production capacity, even as it delays new refinery projects, a Saudi oil official said yesterday.

The two projects, together with a field that is just starting production, have a combined capacity of 1.55 million barrels per day (bpd).

They give the world’s largest oil producer a much bigger margin of new supply to call on as demand recovers after the recession.