The EIA projects oil growth for 800,000 barrels @ day for each of 2014 and 2015.
I think the number will be closer to 1 million barrels a day.
But we’ll see.
TER: The price for West Texas Intermediate has been retreating for the last several months. Does that threaten the continued growth of the shale oil producers?
ES: If there’s a meaningful decline, I think you would see a reduction in capex spending. Most of these plays show favorable economics down to $60 or $50/bbl, even less than that in some cases. You just might have a pause by some players in the industry at under $80/bbl, but it would take a decline closer to $65 or $60/bbl to see any real, sustained declines in drilling budgets.
http://www.resourceinvestor.com/2013/12/16/producers-that-can-pump-at-60-bbl-oil?ref=hp