Data: EIA; Chart: Axios Visuals
U.S. oil production's nearly 2 million barrel per day decline in May was the steepest monthly drop since at least 1980, the federal Energy Information Administration said in a short report.
Why it matters: The agency's monthly production data, which is more robust than weekly snapshots but arrives with a lag, starkly shows the toll the pandemic took on U.S. output after the price collapse caused a major pullback. Some of the lost output has recently returned as prices improved, but production is expected to remain depressed.
