According to Baker Hughes, U.S. oil rig counts declined to a 30 month low during the week ending Nov 1^st. Nov 1^st oil rig counts declined 0.7% from the previous week while finishing 20.9% lower YOY and 22.2% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 27% below the Oct ’18 highs. Nov 1^st week ending crude oil production remained at a record high level, despite the recent reductions in rigs, while oil production per rig reached a 35 month high. Crude oil production is expected to continue to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains, although growth forecasts continue to decelerate as drilled-but-uncompleted wells have reached a ten month low level. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016 Nov 1^st Oil Rig Counts Finished Down 0.7% Week-Over-Week and 20.9% YOY The Declines in Oil Rig Counts Since the Nov ’14 Peak Remain Significant Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Nov 1^st Weekly Crude Oil Production Volumes Remained at a Record High Level Nov 1^st Crude Oil Production per Rig Reached a 35 Month High Level