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Data: EIA; Chart: Naema Ahmed/Axios

This week the Energy Information Administration issued a forecast that shows U.S. crude oil production dropping next year on an annual basis for the first time since 2016 to average 12.7 million barrels per day in 2021.

Why it matters: It comes alongside a wave of announcements that U.S. producers are scaling back operations and cutting spending thanks to the collapse in oil prices. Together, the findings help show how the price declines and coronavirus-induced demand loss are affecting the industry.

Where it stands: Goldman Sachs analysts looked at 10 announcements from shale producers that are revising their earlier capital spending plans for 2020 downward. They find that their average announced capital spending cuts will be 30%, totaling over $5 billion in reductions compared to prior plans.

Threat level: "Emergency cash-conservation measures taken by Occidental Petroleum and other energy companies may not be enough to stave off credit-rating downgrades, S&P Global has warned, saying it is prepared to take rapid action as it takes stock of the damage of coronavirus and the oil-price war between Saudi Arabia and Russia," the Financial Times (subscription) reports.

Go deeper

38 mins ago - Politics & Policy

Biden's latest executive order: Buy American

President Joe R. Biden speaks about the economy before signing executive orders in the State Dining Room at the White House on Friday, Jan 22, 2021 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty Images)

President Joe Biden will continue his flurry of executive orders on Monday, signing a new directive to require the federal government to “buy American” for products and services.

Why it matters: The executive action is yet another attempt by Biden to accomplish goals administratively without waiting for the backing of Congress. The new order echoes Biden's $400 billion campaign pledge to increase government purchases of American goods.

Tech digs in for long domestic terror fight

Illustration: Sarah Grillo/Axios

With domestic extremist networks scrambling to regroup online, experts fear the next attack could come from a radicalized individual — much harder than coordinated mass events for law enforcement and platforms to detect or deter.

The big picture: Companies like Facebook and Twitter stepped up enforcement and their conversations with law enforcement ahead of Inauguration Day. But they'll be tested as the threat rises that impatient lone-wolf attackers will lash out.

The pandemic could be worsening childhood obesity

Illustration: Aïda Amer/Axios

The 10-month long school closures and the coronavirus pandemic are expected to have a big impact on childhood obesity rates.

Why it matters: About one in five children are obese in the U.S. — an all-time high — with worsening obesity rates across income and racial and ethnic groups, data from the National Health and Nutrition Examination Survey show.