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.

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47 mins ago - World

"I stood up for that": Pope Francis voices support for same-sex civil unions

Pope Francis at St. Peter's Basilica in Vatican City. Photo: Vatican Pool - Corbis/Corbis via Getty Images

Pope Francis voiced his support for same-sex civil unions for the first time as pope in the documentary “Francesco,” which premiered Wednesday at the Rome Film Festival, per the Catholic News Agency.

Why it matters: The pope’s remarks represent a break from the position of the Roman Catholic Church, which has long taught that homosexual acts are “intrinsically disordered" and contrary to natural law.

2 hours ago - World

Countries waiting to see if Trump wins before moving on Israel normalization

The delegation lands at Israel's Ben Gurion airport. Photo: Jack Guez/AFP via Getty

The White House is attempting to leverage momentum from Israel's normalization deals with Bahrain and the UAE to get more Arab countries on board before the U.S. election.

Driving the news: President Trump wants Sudan's removal from the U.S. state sponsors of terrorism list to be accompanied by a pre-election announcement on Israel.

Poll: 92% of battleground state voters are "extremely motivated to vote"

Voters stand in line at the Metropolitan Multi-Services Center in Houston, Texas, on Oct. 13. Photo: Mark Felix for The Washington Post via Getty Images

91% of likely voters nationally say they are "extremely motivated to vote," including 92% in battleground states Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin, according to a Change Research/CNBC Poll.

Why it matters: The 2020 election could see record-breaking levels of voter turnout. Voters last week cast ballots at nearly five times the rate they did at this point in the 2016 election, per the U.S. Elections Project. Over 39 million ballots have been cast in early voting states as of Wednesday.