11 US Senators Want Saudis to Cut Crude Oil Production

Saudi Arabia and Russia were close to finalizing a deal with other producers in the informal OPEC+ group to cut crude output by a record 10 million barrels per day, or about 10% of global output, Reuters reported. Oil prices had fallen to 18-year lows as the coronavirus outbreak has closed down economies across the world and after Saudi Arabia and Russia boosted output in a race for market share. The call was led by Senators Dan Sullivan and Kevin Cramer, who introduced legislation in March to remove US troops, Patriot missiles and THAAD defense systems from Saudi Arabia unless it cut output. There were 11 Republican senators on the nearly two-hour call, including Bill Cassidy. The senators have played an unusual role in raising pressure on longtime ally Saudi Arabia, as President Donald Trump, a fellow Republican, has been in talks with crown prince, Mohammed bin Salman (MbS) urging him to boost output. They spoke with Saudi Energy Minister Prince Abdulaziz bin Salman, Deputy Defense Minister Khalid bin Salman and the Saudi ambassador to the United States, Princess Reema bint Bandar bin Sultan. The United States, the world’s top oil producer, is gradually cutting about 2 million bpd of output as reduced demand and low oil prices force some heavily leveraged producers into bankruptcy. The push by Republican senators was a sign of how congress could raise pressure on Saudi Arabia if it does not stick to the oil cut plan. If the kingdom does not cut output, pointed measures could be included later this year in must-pass legislation such as the annual defense policy bill. source: Financial Tribune

11 US Senators Want Saudis to Cut Crude Oil Production

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