Nabil al-Jurani / AP

BP revealed its annual energy outlook Wednesday, warning that the oil exploration industry will be drowning in oversupply for years to come. Despite the recent stabilization of prices, BP's chief economist, Spencer Dale, argued that the combination of shale technology and advances in renewable energy would leave oil-rich nations with excess reserves that will never be profitably recovered.

We'll be watching: Oil-services firm Baker Hughes' earnings on Thursday morning to gauge the health of the U.S. oil industry. OPEC cuts are a prime opportunity for American energy producers to show what recent advances in extraction technology can do, and how cheaply they can do it.

The telecom blues

AT&T and Verizon disappointed investors this week with lackluster subscriber and revenue growth, and the future doesn't look much brighter.

Why it matters: After decades of telecom industry consolidation, regulators are skeptical of allowing huge firms like Verizon assume any more power. This stance is benefiting customers, as evidenced by shrinking profit margins as smaller firms like T Mobile offer deals to grow their subscriber base.

That telecom firms are lagging the overall market is a vindication of the Obama Administration's decision to block further consolidation in the industry, and may be a reason for President Trump prevent the vertical merger of AT&T and Time Warner.

Go deeper

Updated 59 mins ago - Politics & Policy

Trump whisked out of press briefing after shooting outside White House

President Trump was escorted out of a coronavirus press briefing by a Secret Service agent on Monday evening after law enforcement reportedly shot an armed suspect outside of the White House.

What's new: The 51-year-old suspect approached a uniformed Secret Service officer on the corner of 17th Street and Pennsylvania Avenue NW, near the White House, and said he had a weapon, the agency alleged in a statement late Monday. He "ran aggressively towards the officer, and in a drawing motion, withdrew the object from his clothing."

Updated 1 hour ago - World

Protests in Belarus turn deadly following sham election

Belarus law enforcement officers guard a street during a protest on Monday night. Police in Minsk have fired rubber bullets for a second night against protesters. Photo: Natalia Fedosenko/TASS via Getty Image

Protesters and security forces have been clashing across Belarus overnight in a second night of protests that has left at least one person dead, hundreds injured and thousands arrested.

Why it matters: Sunday’s rigged presidential elections have yielded political uncertainty unlike any seen in Aleksander Lukashenko’s 26-year tenure. After claiming an implausible 80% of the vote, Lukashenko is using every tool in the authoritarian arsenal to maintain his grip on power.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 20,014,574 — Total deaths: 734,755 — Total recoveries — 12,222,744Map.
  2. U.S.: Total confirmed cases as of 11:30 p.m. ET: 5,089,416 — Total deaths: 163,425 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: 5 states set single-day coronavirus case records last week — A dual coronavirus and flu threat is set to deliver a winter from hell.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."