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The US Department of Energy (DOE) has announced a slowdown in the energy industry caused by a decline in demand.
It attributed the dip to the Covid-19 crisis and a dispute between OPEC+ nations, resulting in global oil price disruption.
DOE Spokeswoman, Shaylyn Hynes, said: “The Secretary is confident that both of these forces are temporary and the market will recover.
Until that time, he will continue to be laser-focused on making sure the Department of Energy delivers on the President’s directive to provide relief to the energy industry during this time.
The Secretary is expected to take part in a virtual G20 Ministerial meeting to discuss the urgent need to ‘restore calm’ to global energy markets.
The department stated that once markets normalise, the nation would resume course to become a ‘net energy exporter’ in 2020.
