That's even after Devon reduced its capex spending by $500 million from its initial expectations due to cost deflation and improved efficiency. Iran said it will immediately boost its output by 500,000 barrels per day as soon as the sanctions have lifted, which is putting even more pressure on oil prices. Investor takeaway The initial expectation was that oil wouldn't fall any further than it already had, and would actually stabilize at around the then current price of $75 per barrel in 2015.