Yeah oil production may not get a big bump this year. I’m reading that the amount of oil being wheeled around on railroads is flattening.
However, current oil pipeline preparations are setting up to ship more than a million new barrels of oil from the permian basin in west texas.
as well you hear reports that oil formations there are 1000 feet deep...which number just dwarf dwarfs oil formations in the eagle ford or baaken fields.
If you go to that spreadsheet, then the tab “US Oil & Gas Split” you will see that oil rigs actively drilling is essentially unchanged from a year a go and up by nearly 100 compared to 6 months ago. I think oil is doing well.
The Natural gas rigs are down 185 (~1/3) from a year ago. That drop off rate has been happening fairly steady for quite a while.