Rig counts have trended lower in recent weeks, and the drop is right on schedule, according to online economic blog Zero Hedge. There is a lag time of about four to six months before initial declines in crude oil prices lead to a reduction in rig counts, and it’s been about that long since crude oil prices began sliding last summer. But while analysts acknowledge the reduction in rigs, they say production levels will continue to grow, though not as quickly. There can be a reduction of as much as 10 to 25 percent in the number of wells without making a large difference in production, Berkeley Research Group Managing Director Rick Chamberlin told Rigzone. “Production will continue to grow, but it just won’t grow at the same rate,” Chamberlain said, adding that until the Organization of the Petroleum Exporting Countries (OPEC) agrees to lower production values, U.S. crude […]