The oil rig count is not important - yet

The US oil rig count doesn't matter.

Yet.

The number of active oil rigs in the US dropped by 12 this week to 813, the lowest since the week ending March 4, 2011. It was also the smallest weekly decline in 15 weeks.

This chart from Deutsche Bank's Torsten Sløk shows that to date, the decline in rig count has not put a dent in production as less-efficient wells are taken offline.

But as BI's Shane Ferro reported on Monday, economists at Goldman Sachs expect production to eventually decline this year before reaccelerating into 2016.

And so eventually, this decline will matter.