Hoeven Statement After Reports OPEC+ Nations Agree to Cut Production by 10 Million BPD

Senator Has Been Working with Trump Administration to Stop Global Oil Price War, Support Domestic Energy Producers

BISMARCK – Senator John Hoeven, a member of the Senate Energy and Natural Resources Committee, today issued the following statement after reports that the teleconference between OPEC members and Russia, as well as other oil producing nations, led to an agreement to cut global oil production by 10 million barrels per day.

“We’ve been working with the President and Administration to end the global oil price war, and we appreciate their efforts,” said Senator Hoeven. “It is important that Saudi Arabia and Russia agree to cut oil production, and follow through, given that demand for oil is down due to the coronavirus pandemic. Ending this global price war is a critical part of our efforts during the pandemic to support our domestic energy producers in North Dakota, and across the nation, who are vital to our economic and national security.”

Hoeven has been working to stop the global oil price war. Specifically, the senator has pressed to resolve the issue, including:

  • In meetings and phone calls with President Trump, Energy Secretary Dan Brouillette, Secretary of State Mike Pompeo and other Administration officials.
  • In phone calls with Princess Reema Bandar Al Saud, the Saudi Arabian Ambassador to the U.S., where the Senator emphasized that Saudi Arabia needs to work with the United States and the community of nations to end the price war. 
  • Through a letter to the Saudi Crown Prince Hoeven joined with his Senate colleagues.
  • With energy officials from our international partners, urging their support to reach an agreement on global production.

In addition, the Senator has worked to support the domestic oil and gas industry, by:

  • Announcing bipartisan, bicameral legislation to provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve (SPR). The legislation aligns with the request made by President Donald J. Trump and Energy Secretary Dan Brouillette to fill the SPR. 
  • Working with Energy Secretary Brouillette to open the SPR to American producers for leased storage on a temporary basis.
  • Encouraging “Buy American” efforts.

Earlier this week, Hoeven hosted Assistant Secretary for Fossil Energy Steven Winberg and Small Business Administration (SBA) North Dakota District Director Alan Haut in a video conference with the North Dakota Petroleum Council and its members, where the senator outlined efforts to support the domestic oil industry and end the global oil price war, as well as highlighted support available to North Dakota’s energy producers through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.