Photo: Jonathan Raa/NurPhoto via Getty Images

The consultancy IHS Markit now expects roughly 14 million barrels per day of crude oil production worldwide to be "cut or shut-in" during the second quarter.

The big picture: IHS analyst Jim Burkhard, in a statement, said a "rapid and brutal adjustment of global oil supply to a lower level of demand is underway."

  • He said all producing nations are subject to the "same brutal market forces," but some will be more affected than others.
  • IHS calls the cuts the largest in industry history.

Why it matters: The fresh estimate is the latest eye-popping tally of how the collapse in demand is affecting oil markets.

  • A suite of U.S. companies are announcing major cutbacks. The latest came yesterday afternoon.
  • The independent producer EOG Resources said shut-in of existing wells will cut production this month by 125,000 barrels per day.

Go deeper: Big oil group API opposes special handouts in coronavirus crisis

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Dan Primack, author of Pro Rata
Aug 15, 2020 - Technology

"Historic" laptop demand leads to shortages ahead of remote school

Illustration: Eniola Odetunde/Axios

American students are facing a shortage of laptops, particularly low-cost Chromebooks popular in K-8 schools, at the same time that many districts are choosing full-remote or hybrid reopening models.

Why it matters: No device = no education.

Updated 43 mins ago - Health

World coronavirus updates

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Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand Prime Minister Jacinda Ardern announced Auckland gatherings limits will increase from 10 to 100 eased late Wednesday and the rest of the country will see all domestic restrictions lifted from midnight Monday.

The big picture: Ardern delayed the country's election until Oct. 17 as authorities work to stamp out a coronavirus cluster in Auckland, after the virus' re-emergence in NZ. There have been single-digit or zero domestic cases in NZ's most populous city since the government reintroduced restrictions.

Remote school's strain on students with special needs

Illustration: Eniola Odetunde/Axios

The pandemic's disruption of in-person instruction is especially difficult for the seven million U.S. students with disabilities and other special needs and their families.

The big picture: The sudden and sustained switch to online learning is straining already under-resourced special education providers — and could lead to even steeper learning loss among a vulnerable student population, experts say.