1 million bbl/day, $100 a barrel...
Thanks ckilmer.
The IEA is projecting 800,000 barrel @ day oil increases for each of 2014 and 2015. And then they expect production to flatten out.
I think they’re flat wrong about the flattening out of production. The only thing that will flatten out oil production rises is a fall in oil prices below 80@ barrel. I don’t see that happening in the next two years. Why not? worldwide demand for oil is going up as fast or faster than US production.
The great cahuna for oil production is the Permian basin. There are oil pay layers there that are 1000 feet thick. Oil production is only getting started in the Permian basin.Two years from now production increases should far outpace production increases in the baaken or eagle ford..