The U.S.’ crude oil production could decline by 2-3 million barrels per day (bpd) this year, according to the country’s energy minister.

The impact of coronavirus on world economies has been “devastating” and its effects on global energy markets have been “dramatic,” causing a massive decline in crude oil demand, Dan Brouillette said Friday in his remarks at G20 extraordinary energy ministers meeting.

“We must stabilize world energy markets by putting an end to this dangerous price decline,” he said.

Brouillette urged all nations to seriously examine what can be done to correct the supply-demand imbalance in the global

Read more: US: Crude oil production to fall 2-3M bpd this year