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The spike down you see in late 2008 was primarily due to Hurricanes Gustav and Ike in the Gulf of Mexico.But higher oil prices did bring a lot of high cost production on line.And if prices do return to above a barrel some of that production will no doubt return.

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They have declined in times of low oil prices and high oil prices.

And barring a miracle they will continue to decline. You can see, from the price chart below, that they peaked in July of 2008 right when the price peaked, then fell when oil prices collapsed and did not breach their 2008 high until October of 2010 when oil pries reached $85 a barrel.

He argues that there is likely to be a dip in production starting next year but higher prices will cause things to turn around and we will surpass the 2015 peak by 2019.

He commented a few days ago: If we take some of the larger producers that have been increasing output and compare with the rest of the world(ROW) using EIA data from Jan 2004 to June 2015 (using the trailing 12 month average to focus on the trend) we see ROW decline has been relatively modest (1.4% based on the trailing 12 month output in June 2015).

Enough may come back on line to slow, or halt the shale decline but I doubt if enough will come back on line, fast enough, to make shale grow again.

Or at least not nearly as fast as it has grown in the past.

Russian Energy Minister Alexander Novak said oil production in Western Siberia, once a major contributor to overall output, was declining at an average rate of around 1 percent per year.

Changes in a tax system, where so-called excess profits will be taxed at 70 percent, will make Western Siberia commercially viable.

Brent price went above 0 in February of 2011 and remained there, with just a couple of dips below that number, until September 2014.

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