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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 SullivanTrump administration proposal takes aim at bank pledges to avoid fossil fuel financing McSally, staff asked to break up maskless photo op inside Capitol Capitol's COVID-19 spike could be bad Thanksgiving preview MORE (R-Alaska),  Kevin CramerKevin John CramerThe Hill's Morning Report - Presented by the UAE Embassy in Washington, DC - Calls mount to start transition as Biden readies Cabinet picks Pressure grows from GOP for Trump to recognize Biden election win Sunday shows - Virus surge dominates ahead of fraught Thanksgiving holiday MORE (R-N.D.), Lisa MurkowskiLisa Ann MurkowskiTrump transition order follows chorus of GOP criticism The Memo: Trump election loss roils right Whoopi Goldberg blasts Republicans not speaking against Trump: 'This is an attempted coup' MORE (R-Alaska), Ron JohnsonRonald (Ron) Harold JohnsonLoeffler isolating after possible COVID-19 infection Rick Scott tests positive for coronavirus GOP Rep. Dan Newhouse tests positive for COVID-19 MORE (R-Wis.), John CornynJohn CornynCornyn says election outcome 'becoming increasingly clear': report Top GOP senator: Biden should be getting intel briefings GOP senator congratulates Biden, says Trump should accept results MORE (R-Texas), John KennedyJohn Neely KennedyMORE (R-La.), John HoevenJohn Henry HoevenOVERNIGHT ENERGY: Barrasso to seek top spot on Energy and Natural Resources Committee | Forest Service finalizes rule weakening environmental review of its projects | Biden to enlist Agriculture, Transportation agencies in climate fight Meadows meets with Senate GOP to discuss end-of-year priorities Senate advances energy regulator nominees despite uncertainty of floor vote MORE (R-N.D.), Bill CassidyBill CassidyThe Hill's Morning Report - Presented by the UAE Embassy in Washington, DC - Trump OKs transition; Biden taps Treasury, State experience Bottom line Loeffler isolating after possible COVID-19 infection MORE (R-La.), John BarrassoJohn Anthony BarrassoOVERNIGHT ENERGY: Barrasso to seek top spot on Energy and Natural Resources Committee | Forest Service finalizes rule weakening environmental review of its projects | Biden to enlist Agriculture, Transportation agencies in climate fight Senate advances energy regulator nominees despite uncertainty of floor vote Barrasso to seek top spot on Energy and Natural Resources Committee MORE (R-Wyo.), Tom CottonTom Bryant CottonLoeffler isolating after possible COVID-19 infection More conservatives break with Trump over election claims Warnock hit by Republicans over 'cannot serve God and the military' comment MORE (R-Ark.), James LankfordJames Paul LankfordEthics experts ask Senate to investigate Graham's probe of mail-in voting The Hill's 12:30 Report - Presented by Capital One - Pfizer unveils detailed analysis of COVID-19 vaccine & next steps GOP senators congratulate Harris on Senate floor MORE (R-Okla.), Ted CruzRafael (Ted) Edward CruzOcasio-Cortez, Cruz trade jabs over COVID-19 relief: People 'going hungry as you tweet from' vacation McSally, staff asked to break up maskless photo op inside Capitol Capitol's COVID-19 spike could be bad Thanksgiving preview MORE (R-Texas) and James InhofeJames (Jim) Mountain InhofeHouse Democrats back slower timeline for changing Confederate base names Barrasso to seek top spot on Energy and Natural Resources Committee Overnight Defense: Trump orders troop drawdown in Afghanistan and Iraq | Key Republicans call Trump plan a 'mistake' 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 TrumpMinnesota certifies Biden victory Trump tells allies he plans to pardon Michael Flynn: report Republican John James concedes in Michigan Senate race 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.