Illustration: Aïda Amer/Axios
The Energy Information Administration sees U.S. oil production from shale formations falling from roughly 8.71 million barrels per day this month to less than 8.53 million in May.
Why it matters: The latest estimates published Monday show how the price and demand collapse is taking hold as producers scale back operations in the saturated and coronavirus-stricken market.
- The biggest decline is slated to occur in the Permian Basin region of west Texas and New Mexico, which has been the heart of the U.S. boom.
- The same report also revised the April production levels downward substantially compared to the prior version of the monthly tally.