OREANDA-NEWS. According to the US Department of Energy, by the end of 2020, oil production will decline by 2 million barrels per day, and reduction of 3 million barrels is also possible. This was announced by US Secretary of Energy Dan Brouillette at a ministerial meeting of the countries of the Group of Twenty.

As the reasons for the collapse in the oil market, the minister pointed out the impact of the coronavirus epidemic, as well as the failure of negotiations on the reduction of production, which led the countries of OPEC+.

“For full recovery to occur, we must stabilize world energy markets by putting an end to this dangerous price decline,” Brouillette said, urging all countries to use the means at their disposal to reduce surpluses. According to him, the US is ready to use the capacities of strategic oil storage facilities to remove from the market as much oil as possible.