A group of 13 Republican senators wrote a letter to Saudi Crown Prince Mohammed bin Salman on Monday asking that the kingdom stop its recent decision to ramp up oil production and flood the global market.
“As the United States and the rest of the world—including the Kingdom of Saudi Arabia—are dealing with COVID-19 pandemic response, mitigation and prevention efforts, the added impact of unsettled global energy markets is an unwelcome development,” the senators wrote.
“It was greatly concerning to see guidance from the Kingdom’s energy ministry to lower crude prices and boost output capacity. This has contributed to a disruption in global oil prices on top of already hard-hit financial markets.”
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“We urge the Kingdom to assert constructive leadership in stabilizing the world economy by calming economic anxiety in the oil and gas sector at a time when countries around the world are addressing the pandemic,” they added.
The Monday letter was signed by Sens. Dan SullivanDaniel Scott SullivanOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market Swing votes steal spotlight in marathon Trump impeachment Q&A MORE (R-Alaska), Kevin CramerKevin John CramerOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market Congress pours cold water on Trump’s payroll tax cut MORE (R-N.D.), Lisa MurkowskiLisa Ann MurkowskiOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market Watchdog raises concerns over Trump energy regulator MORE (R-Alaska), Ron JohnsonRonald (Ron) Harold JohnsonOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market Mnuchin to pitch Senate GOP on third coronavirus package Tuesday MORE (R-Wis.), John CornynJohn CornynOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP lukewarm on talk of airline bailout GOP senators ask Saudis to stabilize oil market MORE (R-Texas), John KennedyJohn Neely KennedyMORE (R-La.), John HoevenJohn Henry HoevenOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market Overnight Health Care — Presented by Philip Morris International — Trump, Congress struggle for economic deal amid coronavirus threat | Pelosi rejects calls to shutter Capitol | Coronavirus emerges as 2020 flashpoint MORE (R-N.D.), Bill CassidyWilliam (Bill) Morgan CassidyOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market Coronavirus takes toll on Capitol Hill MORE (R-La.), John BarrassoJohn Anthony BarrassoOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market McConnell cancels Senate break over coronavirus MORE (R-Wyo.), Tom CottonThomas (Tom) Bryant CottonCash assistance for Americans gains steam as coronavirus roils economy Overnight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market Trump officials get pushback from GOP on coronavirus stimulus plans MORE (R-Ark.), James LankfordJames Paul LankfordOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market GOP senators ask Saudis to stabilize oil market Overnight Health Care — Presented by Philip Morris International — Trump, Congress struggle for economic deal amid coronavirus threat | Pelosi rejects calls to shutter Capitol | Coronavirus emerges as 2020 flashpoint MORE (R-Okla.), Ted CruzRafael (Ted) Edward CruzCory Gardner to self-quarantine Overnight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market Five Latinas who could be Biden’s running mate MORE (R-Texas) and James InhofeJames (Jim) Mountain InhofeOvernight Energy: Democratic lawmakers seek emissions reductions in airline bailout | House Dems warn Trump against oil industry bailout | GOP senators ask Saudis to stabilize oil market Lobbying world GOP senators ask Saudis to stabilize oil market MORE (R-Okla.).
Oil prices have sharply declined following the Saudi announcement that it would increase its production. The move follows Russia’s decision to decline to join the member nations of the Organization of the Petroleum Exporting Countries in agreeing to cut production in response to the slowdown in demand due to the effects of the coronavirus.
President TrumpDonald John TrumpTrump admin to begin turning back all undocumented immigrants, asylum seekers at borders: report Five takeaways from Tuesday’s primary night Biden wins Arizona primary, capping off victories in three states MORE also spoke with the crown prince last week about global energy markets, according to the White House.
Since then, the president has announced that the government would purchase “large quantities” of crude oil for storage in the Strategic Petroleum Reserve, giving a boost to an industry that has been hit by the price plunge.
The senators are slated to meet with Saudi Ambassador to the U.S. Reema bint Bandar Al Saud this week.