Rig Counts Dropping Quickly

U.S. oil rig count fell to 258 or 62% from December 2019. This is a level not seen since 2009. Crude oil production, using the DOE weekly numbers, was 11.6 million barrels/day, down 11% from year-end 2019.

The upper panel highlights the rig count in orange and production in brown while the lower panel shows the WTI price.