No, half that with the drop in oil prices and the corresponding drop in drilling and well completions.
U.S. crude oil production is projected to increase from an average of 8.7 million b/d in 2014 to 9.2 million b/d in 2015 and remain flat in 2016. The 2015 and 2016 production forecasts are 40,000 b/d and 100,000 b/d lower than in last month's STEO, respectively. The reduction in the crude oil production forecast reflects a reduced WTI price forecast for 2016 in this STEO and a sustained drop in rig counts beyond what EIA had initially expected. Oil-directed rigs declined to the lowest level in almost five years as of early May.
“On track” and “projected to” have very different meanings. Production per day is already above the EIA’s projected average for 2015, and its growth rate has resumed. EPA saw a dip in production caused by a huge drop in oil prices, and somehow seem to have extrapolated that. Nonsense.