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Every well/field declines over its life (limited volume trap in the earth for millions of years).
If a pool of oil is big enough and the 'drive' is strong enough, a well might have almost flat production for awhile but will eventually have a hyperbolic decline phase and then an exponential tail.
Every well is different but wells in the same formation or 'field (linked pool) will have a similar look.

Not the 'bend' between the two periods of decline is often early and the rate of decline flattens out.

Note the life of the well/field is in years. The well is produced until the value of the oil cannot pay the operating costs to produce it. I would estimate the current 'shut-in rate' to be <2 bopd in the Permian given ease of production and the oil price.

An estimate of the final cumulative oil produced can be estimated by early production but will vary with the details of the reservoir and of course changes in economics.


example decline curve - no direct application to WEL

for the engineering minded
https://petrowiki.spe.org/Production_forecasting_decline_curve_analysis