A modest production cut this morning may - or may not - be 'correlated' with the fact that once again the oil rig count declined 9 to 555 rigs, tracking oil's slide. This is the 12th weekly drop in the last 13 weeks to the lowest since June 2010.
Rig count is tracking the lagged crude price...
[3]
When does production slow?
[4]
Charts: Bloomberg
