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 SullivanLincoln Project targets Senate races in Alaska, Maine, Montana with M ad buy Overnight Energy: Official says protesters not cleared from Lafayette Square for Trump | Trump administration blasts banks refusing to fund Arctic drilling | 2019 coal production hit lowest level since 1978 Trump administration blasts banks that refuse to fund arctic drilling MORE (R-Alaska),  Kevin CramerKevin John CramerThe Hill's Coronavirus Report: iBIO Chairman and CEO Thomas Isett says developing a safe vaccine is paramount; US surpasses 150,000 coronavirus deaths with roughy one death per minute McConnell tees up showdown on unemployment benefits Senate panel scraps confirmation hearing for controversial Pentagon nominee at last minute MORE (R-N.D.), Lisa MurkowskiLisa Ann MurkowskiOn The Money: Pessimism grows as coronavirus talks go down to the wire | Jobs report poised to light fire under COVID-19 talks | Tax preparers warn unemployment recipients could owe IRS Pessimism grows as coronavirus talks go down to the wire Hillicon Valley: Facebook removes Trump post | TikTok gets competitor | Lawmakers raise grid safety concerns MORE (R-Alaska), Ron JohnsonRonald (Ron) Harold JohnsonBlumenthal calls for declassification of materials detailing Russian threat to US elections Democrats try to force Trump to boost medical supplies production GOP chairmen hit back at accusation they are spreading disinformation with Biden probe MORE (R-Wis.), John CornynJohn CornynCOVID-19 bill limiting liability would strike the wrong balance From a Republican donor to Senate GOP: Remove marriage penalty or risk alienating voters Skepticism grows over Friday deadline for coronavirus deal MORE (R-Texas), John KennedyJohn Neely KennedyMORE (R-La.), John HoevenJohn Henry HoevenBipartisan senators seek funding for pork producers forced to euthanize livestock House Republicans threaten pushback on Saudi Arabia amid oil market slump Overnight Energy: Trump rollback of Obama mileage standards faces court challenges | Court strikes down EPA suspension of Obama greenhouse gas rule | Trump floats cutting domestic oil production MORE (R-N.D.), Bill CassidyWilliam (Bill) Morgan CassidyFrom a Republican donor to Senate GOP: Remove marriage penalty or risk alienating voters Stimulus checks debate now focuses on size, eligibility On The Money: GDP shrinks by record amount in second quarter amid virus lockdowns | Jobless claims rise for second straight week | McConnell tees up fight on unemployment benefits MORE (R-La.), John BarrassoJohn Anthony BarrassoLatest Trump proposal on endangered species could limit future habitat, critics say Republicans dismiss Trump proposal to delay election Barrasso nuclear bill latest GOP effort to boost uranium mining MORE (R-Wyo.), Tom CottonTom Bryant CottonSunday shows preview: White House, congressional Democrats unable to breach stalemate over coronavirus relief The Hill's Morning Report - Presented by the Air Line Pilots Association - Negotiators 'far apart' as talks yield little ahead of deadline Hillicon Valley: Facebook bans ads from pro-Trump PAC | Uber reports big drop in revenue | US offers M reward for election interference info MORE (R-Ark.), James LankfordJames Paul LankfordSenate GOP opens door to smaller coronavirus deal as talks lag Ballooning Fed balance sheet sparks GOP concerns  The Hill's Coronavirus Report: Rep. Lauren Underwood says Americans face economic crisis if Senate fails to act on unemployment benefits extension; US surpasses 4 million cases, 1,000+ deaths for third straight day MORE (R-Okla.), Ted CruzRafael (Ted) Edward CruzPat Fallon wins GOP nomination in race to succeed DNI Ratcliffe The Hill's Morning Report - Presented by the Air Line Pilots Association - Negotiators 'far apart' as talks yield little ahead of deadline Wary GOP eyes Meadows shift from brick-thrower to dealmaker MORE (R-Texas) and James InhofeJames (Jim) Mountain InhofeSenate GOP divided over whether they'd fill Supreme Court vacancy  Controversial Trump nominee placed in senior role after nomination hearing canceled Chamber of Commerce endorses Ernst for reelection 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 TrumpDeWine tests negative for coronavirus a second time Several GOP lawmakers express concern over Trump executive orders Beirut aftermath poses test for US aid to frustrating ally 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.