Estimated oil reserves in the ground never actually equate to barrels per day. If successful, by the Saudi’s own account, this field development will result in an extra 1.2 million barrels of oil per day by next June.
This addition to the world’s daily production will have little or no impact on the price of a barrel of oil because it’s not enough to offset increasing demand, or declining rates. It is frightening that no other country on earth has the ability to increase the world’s daily production even by half this much.
Giant Saudi field is key to boosting oil output: Financial News - Yahoo! Finance.