U.S. oil production will still surge even if domestic rig count continues to decrease amid the rise of drilling technologies, said J. Marshall Adkins and John Freeman, analysts at Raymond James & Co. For example, the Bakken Shale did not show any evident slowdown in oil production despite the declining rig count in the first six months of 2009 and in 2012 and 2013, according to a case study they conducted. "We do believe we will continue to see substantial U.S. oil supply growth even as rig counts continue to fall. We are already seeing it happen," Adkins and Freeman said in a note to clients.

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