What you will see is, immediately, a cutback in investment. In 2008-09 we saw both auto output and investment by the auto industry fall precipitously. This time around in the oil industry, you will see little or no change in output, but you will see a big drop in investment. The investment will lead to lower output in the future, but you won't get that output response right now.
On March 11th, 2015. See this statement in context.