Hoeven Statement After Speaking with Saudi Ambassador on Ending Global Oil Price War

Also Energy Secretary Brouillette Opens Strategic Petroleum Reserve (SPR) After Discussing with Senator Yesterday

BISMARCK, N.D. – Senator John Hoeven, a member of the Senate Energy and Natural Resources Committee, released the following statement after again speaking with Princess Reema Bandar Al Saud, the Saudi Arabian Ambassador to the U.S., regarding the need to stabilize the global energy markets. The call follows the President’s announcement earlier today that Saudi Arabia had agreed to decrease oil production. 

“Princess Reema, the Saudi Ambassador, contacted me today to inform me that Saudi Arabia is working to set up an emergency meeting of the 23 OPEC members and other energy producing countries to reduce production, stabilize the global energy markets and end the oil price war. She also informed me that the Saudi Energy Minister would be working with U.S. Energy Secretary Brouillette on managing global oil supply given that demand is so low due to the coronavirus pandemic,” said Hoeven. “Her call today follows my conversation with Secretary Brouillette yesterday about our efforts to help our energy industry. Supporting our domestic energy industry and ensuring stability in the market is not only vital to our economic and national security, but will help ensure that we have low and stable gas prices for consumers.”

Hoeven spoke with Princess Reema in March about the importance of ending the global oil price war and emphasized that Saudi Arabia needs to work with the United States and the community of nations as the world battles the COVID-19 pandemic. This is part of the Senator’s ongoing efforts to support the domestic oil and gas industry. The senator has:

  • Urged the administration, including President Trump, Energy Secretary Dan Brouillette and Secretary of State Mike Pompeo, to press the Saudi leadership for stability in the oil markets.
  • Joined his Senate colleagues in calling on the Saudi Crown Prince to cease the price war.

Yesterday, Hoeven spoke again with Energy Secretary Dan Brouillette and outlined additional steps being taken to support the domestic oil and gas industry, including:  

  • Opening the SPR to not only help our producers through market disruptions, but also benefit taxpayers and our national security.
  • Encouraging “Buy American” efforts to help domestic oil producers.