U.S. oil rig counts have continued to decline since the beginning of January, falling by 61 in the week of January 9th and an additional 55 in the week of January 16th to a total of 1,366. The individual weekly declines were the largest in nearly 24 years and the combined biweekly decline was the largest on record. Overall, the total U.S. oil rig count fell to a 14 month low however, despite the decline in oil rigs, crude oil production remains strong. U.S. Oil Rig Counts Have Fallen Dramatically in Response to Declining Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines Jan 16th U.S. Oil Rigs Declined 3.9% From the Previous Week and are Down 3.0% YOY The Recent Decline in U.S. Oil Rig Counts Since the Nov ’14 Peak has Been Significant Crude Oil Production Remains Strong, up 14.1% YOY Crude Oil Production per Rig Continues to Accelerate, Reaching a 46 Month High