Oil Production in U.S. Proves Resilient as Forecast Increases
- Global fuel consumption to outpace production next year: EIA
- EIA reduces WTI, Brent crude price projections for 2017
The Outlook for Demand and Production of Oil
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Oil producers in the U.S. are proving more resistant to low prices.
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 supply will fall short of consumption by an average 170,000 barrels a day next year, compared with a 10,000-barrel surplus in July’s outlook.