GOP senators ask Saudis to stabilize oil market

GOP senators ask Saudis to stabilize oil market
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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 SullivanGOP senators urge Saudi Arabia to leave OPEC 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 GOP senators ask Saudis to stabilize oil market MORE (R-Alaska),  Kevin CramerKevin John CramerGOP senators urge Saudi Arabia to leave OPEC GOP senator apologizes for tweet calling Pelosi 'retarded,' blames autocorrect Rand Paul's coronavirus diagnosis sends shockwaves through Senate MORE (R-N.D.), Lisa MurkowskiLisa Ann MurkowskiGOP senators urge Saudi Arabia to leave OPEC Schumer: Senate should 'explore' remote voting if coronavirus sparks lengthy break Turning the virus into a virtue — for the planet MORE (R-Alaska), Ron JohnsonRonald (Ron) Harold JohnsonCoronavirus pushes GOP's Biden-Burisma probe to back burner GOP seeks up to 0 billion to maximize financial help to airlines, other impacted industries Dr. Rand Paul's prescription for combating the coronavirus crisis MORE (R-Wis.), John CornynJohn CornynLawmakers already planning more coronavirus stimulus after T package Cuban says he'd spank daughter if she was partying during coronavirus pandemic Twitter comes under fire over Chinese disinformation on coronavirus MORE (R-Texas), John KennedyJohn Neely KennedyMORE (R-La.), John HoevenJohn Henry HoevenGOP senators urge Saudi Arabia to leave OPEC GOP divided on next steps for massive stimulus package 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 MORE (R-N.D.), Bill CassidyWilliam (Bill) Morgan CassidyTensions boil over on Senate floor amid coronavirus debate  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 GOP senators ask Saudis to stabilize oil market MORE (R-La.), John BarrassoJohn Anthony BarrassoOvernight Energy: House stimulus aims to stem airline pollution | Environmental measures become sticking point in Senate talks | Progressives propose T 'green stimulus' GOP blames environmental efforts, but Democrats see public health problems with stimulus Rand Paul's coronavirus diagnosis sends shockwaves through Senate MORE (R-Wyo.), Tom CottonThomas (Tom) Bryant CottonSunday shows preview: Lawmakers, state governors talk coronavirus, stimulus package and resources as pandemic rages on White House, Senate reach deal on trillion stimulus package The Hill's Morning Report - Presented by Airbnb - Trump, Dems close in on deal MORE (R-Ark.), James LankfordJames Paul LankfordFormer Sen. Tom Coburn dies at 72 Burr requests ethics investigation into stock sale, denies wrongdoing Senior GOP senators object to direct payments at caucus meeting MORE (R-Okla.), Ted CruzRafael (Ted) Edward CruzTrump faces mounting pressure to unleash Defense Production Act Overnight Energy: House stimulus aims to stem airline pollution | Environmental measures become sticking point in Senate talks | Progressives propose T 'green stimulus' GOP blames environmental efforts, but Democrats see public health problems with stimulus MORE (R-Texas) and James InhofeJames (Jim) Mountain InhofeGOP senators urge Saudi Arabia to leave OPEC Overnight Defense: Stimulus bill has .5B for Pentagon | Money would be blocked from border wall | Esper orders 60-day freeze for overseas troop movements Senate panel switches to 'paper hearings' amid coronavirus pandemic 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 TrumpWith VP pick, Biden can't play small ball in a long ball world Coronavirus hits defense contractor jobs Wake up America, your country doesn't value your life 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.