I think you are asking: What were the basic factors that affect
oil production in the petroleum industry? Perhaps more simply put:
What makes oil production in any one area go up or down?
It is a good question.
Oil production goes up when new fields are discovered. It takes
a long time (as long as 10 years) between discovery and actual
production from the field. There must be sufficient oil in the
field, as confirmed by wells, to justifiy construction of
facilities.
Oil production can increase when an oil company decides to
improve production through stimulating wells (acidizing, hydraulic
fracturing) or injection of water or gas to provide more energy and
displace the hydrocarbons. Pumps can also increase production.
No matter how much efforts are put into improving production,
there is only so much oil so eventually oil production goes down.
There is frequently an increase in gas and/or water with time.
Now, the broader question- is the production in the US or the
world going up, leveling off, or into a decline? I have included a
link that pulls together many ideas on this subject. If new sources
of oil, like tar sands, are now economical, perhaps we are in the
leveling off phase. Others believe that because many of the largest
fields are currently in decline, US oil production has peaked and
we are in decline.
See related link.