Hoeven Statement on Saudi Arabia Announcing BPD Cut to Oil Production
WASHINGTON – Senator John Hoeven, a member of the Senate Energy and Natural Resources Committee and the Energy Appropriations Committee, today issued the following statement after Saudi Arabian officials announced that the nation would cut oil production by one million barrels per day (bpd) in June. This comes in addition to the agreement with OPEC+ announced last month to cut oil production by nearly 10 million bpd.
Hoeven worked to secure the initial agreement, pressing for the production cut with the administration, Saudi leaders and international partners. Further, the senator continues his efforts with the administration to address excessive supply issues. This includes advancing his bipartisan, bicameral legislation providing $3 billion to fill the Strategic Petroleum Reserve with U.S. produced oil and supporting a Section 232 investigation to stop the dumping of crude oil on the U.S. market.
“This is a welcome move by the Saudi Ministry of Energy, and we hope that other oil-producing nations will follow suit, building on the progress of the agreement with OPEC+,” said Hoeven. “However, more needs to be done to support our country’s domestic oil and gas industry. Excessive supply continues to impact our producers, which is why we should advance measures like my SPR legislation, while also continuing to work to hold Saudi Arabia, Russia and others accountable for flooding our market with crude oil.”
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