text: This has resulted in an extraordinarily fast reduction in active drilling rigs in the US 
  slowing the pace of growth which will ultimately and unavoidably lead to supply 
  restrictions from the US. While the rig count reduction is encouraging, some of the 
  wells drilled prior to the reduction are still waiting upon completion and the remaining 
  active rigs continue to drill away meaning new wells will continue to come online with 
  high flush production so we are unlikely to see a flattening and ultimate reduction in US 
  supply until late this year. The good news is that high initial production rates fade fast 
  so, as long as prices stay relatively low, there is likely to be a material decline in U.S. 
  production (say 8-9%) over the course of 2016. 