Global fuel consumption to outpace production next year: EIA EIA reduces WTI, Brent crude price projections for 2017 Oil producers in the U.S. are proving more resistant to low prices, even as global supply is set to fall into a deficit next year. The Energy Information Administration increased its domestic output forecast for 2017 to 8.31 million barrels a day from 8.2 million projected in July, according to its monthly Short-Term Energy Outlook released Tuesday. Global oil consumption will exceed supply by an average 170,000 barrels a day next year, which compares with a 10,000 barrel surplus in July’s outlook. West Texas Intermediate crude is up 64 percent since touching a 12-year low in February, encouraging a resumption of drilling in the shale patch. Producers boosted the number of rigs seeking oil during the past six weeks, the longest run of gains since last August, according to Baker Hughes […]