“The decline in the U.S. rig count likely remains well short of the level required to slow U.S. shale oilproduction to levels consistent with a balanced global market. Lower oil prices will be required over the coming quarters to see the U.S. production growth slowdown materialize.”

— Goldman Sachs, from a note on Tuesday, in which they forecast a likely 615,000 b/day increase in oil production by 4th quarter from the Big 3 shale basins: Bakken, Eagle Ford, Permian.