What is it today?
...........
Currently US oil production is about 8.5 million barrels @day. Production this year and next is expected to go up 1 million barrels each year. The US Energy Information Agency (EIA) says currently that US oil production will peak out about 9.4 million Barrels@ day in 2015. However, energy estimates from the permian, eagle ford, bakken, gulf of mexico and an assortment of smaller plays already show that oil output in 2016-2020 will still increase by at least another 500k barrels@ day.
The significance of Pioneer’s CEO statement is that Pioneer is the biggest most successful driller in the Permian basin which is several orders of magnitude bigger than the bakken and eagle ford combined. Production in the eagle ford and bakken has been optimized. Production in permian basin is a long long way from being optimized. We have not really seen the kind of comparable production growth phase in the Permian basin that we have seen in the bakken and eagle ford and elsewhere.
When that growth phase hits the permian basin it should leave people pretty gobsmacked.
There will be a pretty big WOW factor.
However, the kind of production increases that the Permian basin can produce will also cause considerable downward pressure on the price of oil.... unless considerable and increasing worldwide demand can soak up the extra supply while falling supply elsewhere gives room for extra US oil.
Hard to say how things will shake out.
Can you explain what you are comparing?
“Production in the eagle ford and bakken has been optimized.
What do you mean when you say this?