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"
