Rig Count Plunge Continues: Total Rigs Lowest Since March 2011, Fastest Drop Since 1986

Friday, March 20, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
03/20/2015

The rig collapse continues, with “only” 1,069 rigs currently operating, down 5.0% from last week’s 1,125, and the lowest since March 2011. The hope (because lately that’s all there is) is that since oil rigs are plunging at an annual pace last seen 1986, that sooner or later production will be mothballed. However, as the blue line in the chart below shows, quite the contrary is happening as plummeting oil rigs simply means even more record production.

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