WASHINGTON (Pakistan Point News / Sputnik - 13th April, 2020) The coronavirus pandemic has dealt a blow to the US oil industry but it will recover after the crisis, US Secretary of Energy Dan Brouillette said in a statement following the new production cut deal reached on Sunday by OPEC+ oil producers.
"Under the Trump Administration, America has ushered in a historic era of growth in energy production. While the demand disruption caused by COVID-19 and the price war have greatly harmed the industry, I am confident it will soon bounce back stronger than ever before," Brouillette said in a Sunday statement.
He thanked US President Donald Trump for his contribution to the Sunday OPEC+ agreement to collectively reduce oil production by 9.7 million barrels a day.
"Today, thanks to President Trump's leadership, Russia and Saudi Arabia have finalized a historic deal, ending a price war that has caused unprecedented uncertainty in global oil markets," the Secretary of Energy said.
Trump said on Twitter on Sunday that the new OPEC+ deal was "great" and thanked Russian President Vladimir Putin and King Salman bin Abdulaziz Al Saud of Saudi Arabia for the achievement. According to the US president, the new deal "will save hundreds of thousands of energy jobs in the United States."
On Friday, Trump said that the United States would cut oil production to make up the difference for Mexico and the country would reimburse later. Mexico had refused to support the proposed production cuts, saying it was ready to reduce the national oil production by only 100,000 barrels per day in May-June instead of the previously discussed 400,000 barrels.
