May 13, 2020 - Energy & Environment

EIA again cuts U.S. oil production forecast amid coronavirus cutbacks

Ben Geman, author of Generate
Data: EIA; Chart: Naema Ahmed/Axios

The Energy Information Administration has again cut its U.S. oil production forecast as companies curb output amid the price and demand collapse driven by the coronavirus pandemic.

Driving the news: The agency now sees production averaging 11.7 million barrels per day this year and 10.9 million in 2021.

The big picture: Those estimates are slightly lower than the April edition of their monthly analysis.

  • Back in January, which feels like a century ago, EIA estimated that U.S. production would average 13.3 million daily barrels this year and keep climbing to around 14 million in the fourth quarter of 2021.

Go deeper: Coronavirus drives oil to a "rapid and brutal adjustment"

Go deeper

Energy use declines in Permian Basin offer another glimpse at shale downturn

Reproduced from Energy Policy Institute at the University of Chicago; Chart: Axios Visuals

The downturn in the Permian Basin, the heart of the U.S. oil patch, was large enough to cause a big drop in electricity use there, analysis from a University of Chicago energy think tank shows.

What they did: Their analysis looks at daily declines and fluctuation compared to a pre-COVID baseline (captured above), as well as the average drop-off since mid-March, which is 24%.

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.