Oil industry could bounce back 'very quickly' after historic deal: energy secretary

Sunday's historic oil deal could cut more production than first reported

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The energy industry could bounce back "very, very quickly" amid the coronavirus pandemic after Sunday's historic oil deal that will cut production by close to 20 million barrels a day, Energy Secretary Dan Brouillette told FOX Business' Stuart Varney on Monday.

"The historic agreement that we saw over the weekend from OPEC and OPEC+ is roughly 10 million barrels, but that is in fact only half of the story," Brouillette said. "When you add up all of the production cuts around the world, we're going to be much closer to 20 million barrels per day coming off the market."

TRUMP PLAYS KEY ROLE IN BROKERING HISTORIC OIL DEAL

"This was an extraordinarily complex deal that was struck by OPEC and OPEC+ members. We hope that we will see the return of the energy industry very, very quickly," he said.

President Trump said in a Monday morning tweet that "OPEC+ is looking to cut 20 Million Barrels a day, not the 10 Million that is generally being reported."

Brouillette also touted increased American energy independence amid the falling oil prices.

"The fact that we are able to produce the amounts that we are able to produce today place the United States of America, place this president in a position of strength in order to bring this deal together," he said on Monday.

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