Oil production is plummeting -- but we could see a huge turnaround soon

Reuters/Lucy Nicholson The depletion of old oil wells is expected to surpass new sources of supply in 2016, as the ongoing oil price slump puts a long list of oil projects on the shelf. Bloomberg flagged new data from the Norwegian consultancy firm Rystad Energy, which predicts that legacy production will tip the supply balance into the negative in 2016 for the first time in years. The production from an average conventional oil field typically ramps up in the early years, plateaus and then ent...