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By Trend

The energy sector of the United States will soon recover from the recent ‘price wars’ on global oil markets and consequences of the COVID-19 pandemic and will emerge ‘stronger than ever before,’ US Secretary of Energy Dan Brouillette said in a statement, Trend reports citing TASS.

"Today, thanks to President [Donald] 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," Brouillette stated.

"I commend the President for his strong leadership and all parties for coming to a consensus that will benefit nations around the globe who are feeling the impacts of this serious market instability," he continued. "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," US Secretary of Energy Brouillette added.

A videoconference meeting of the OPEC+ member states on Sunday ended with an agreement on oil production cuts. The new deal envisages an aggregate reduction in oil production by 9.7 million barrels a day in May-June, by eight million barrels a day in July-December, and further reduction by six million barrels a day between January 2021 and April 2022.