The sharp drop in U.S. oil rig counts has helped lift crude prices off their lows, but it won’t slow production or alleviate oversupply, Goldman Sachs said. “The decline in the U.S. rig count likely remains well short of the level required to slow U.S. shale oil production to levels consistent with a balanced global market,” Goldman said in a note Tuesday. “Lower oil prices will be required over the coming quarters to see the U.S. production growth slowdown materialize.” It estimates the current rig count will bring production growth from the Big-three shale basins — Permian, Eagle Ford and Bakken — to 615,000 barrels a day in the fourth quarter of this year, while continued productivity growth may push that as high as 690,000 barrels a day. Which, not how many It’s about which rigs are getting cut. U.S. crude production was estimated at around 8.6 million barrels […]