No sign yet that anybody is pumping less oil due to lower prices
So far, oil producers in U.S. shale geologies are following the script: In the face of falling oil prices, they’re cutting back on drilling but increasing production. According to Baker Hughes (BHI), the U.S land-based rig count fell by 31 rigs to 1,578 in the week ended on October 10. But companies from Devon Energy to Continental Resources are forecasting 25% or higher increases in production for 2015
