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Fall in US rig count no obstacle to booming oil output

5 shale formations to produce record 5.47m bpd in March despite firms idling 151 rigs

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In North Dakota's Bakken formation, 551 barrels a day were produced in January for each drilling rig in the field, EIA data show.

New York

THE US drilling frenzy is over. What's not is the boom in oil production.

While companies have idled 151 rigs in five shale formations since reaching a peak of 1,157 in October, they'll need to park another 200 for growth to stall, according to data from the US Energy