Question on the price of oil

[arnaldoabru 11]

I may need StatTiger's help on this, but here goes.

Oil was trading for 11.00$ a barrell 10 years ago.

Today the price is around 140.00$ a barrell.

Beacause of world wide consumption and other market factors it has risen about 12.90$ a year.

Now assuming that China and India's economies keep growing and world wide consumption keeps rising like it has over the past 10 years, the price of a barrell in 2018 would be 269.00$ a barrell.

The question is this. If oil procuction from existing wells remains the same over the next 10 years, wouldn't all those new wells that we are going to be drilling(now that Shrub has finally lifted the ban,right in the middle of political season) have to produce as much oil as all the oil wells in the world just to keep the price at 140.00$ a barrell?