Rig counts are a highly imperfect guide to future oil production but they are one of the few readily available statistics on oilfield activity so it is unwise to dismiss their importance entirely. John Kemp is a Reuters market analyst. The views expressed are his own LONDON, Jan 27 (Reuters) – Rig counts are a highly imperfect guide to future oil production but they are one of the few readily available statistics on oilfield activity so it is unwise to dismiss their importance entirely. The sharp drop in crude oil prices since June 2014 and associated fall in rig counts published by state regulators and service companies such as Baker Hughes has sparked a lively debate about the short-term outlook for U.S. oil production. Some analysts have forecast the drop in rig counts will cause production to peak in the first six months of 2015 then begin […]