Chart of Active Oil Rigs vs Oil Production

So with all these drilling rigs shutting down, why isn’t oil production slowing? The short answer is efficiency. (See the longer answer here.) New wells pump more oil faster, so raw rig counts are losing some of their predictive power, at least for now. In fact, despite the tumbling number of active rigs, the U.S. is pumping more oil than any time since 1972.  Link to source.  

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