Total Rig Count Decline Fastest Since 1986 As Weekly Rig Count Drop Re-Accelerates

Friday, April 10, 2015
By Paul Martin

by Tyler Durden

With crude production and inventories hitting record highs this week, it is likely no surprise that rig counts continued to decline – falling 40 to 988 total rigs (and down 42 to 760 oil rigs). This is the 18th week in a row of total rig count declines – equal to the record series from 2008/9. At 48.5%, this is the biggest 18-week decline since 1986.

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