After topping out at almost 1,600 oil rigs back in October 2014, oil exploration plummeted along with rig counts, which now number just 646. That said, current week-to-week rig count declines are trivial, going from a peak weekly decline of 94 in mid-January, to a decline of just 13 last week and just 33 total in the month of May. As a result, expect rig counts to start rising soon.