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Agricultural News


Inhofe Statement on Saudi Arabia and Russia Agreeing to Reduce Oil Production

Thu, 02 Apr 2020 21:30:43 CDT

Inhofe Statement on Saudi Arabia and Russia Agreeing to Reduce Oil Production United States Senator Jim Inhofe of Oklahoma praised President Trump for his leadership after his announcement that Saudi Arabia and Russia will reduce their oil production:


"Excessive dumping from Saudi Arabia and Russia has been flooding our oil market and driving down oil prices beyond what is sustainable to lift a barrel. Prices that low aren't just a result of low demand, they are an effort to hurt our domestic oil and gas producers here in Oklahoma. President Trump is right to demand Saudi Arabia and Russia reduce their output and provide relief. Additionally, the president's leadership here preserves our additional tools, including 232 investigations, in the event that Saudi Arabia and Russia don't adhere to their agreement.


"This morning, I had the pleasure of speaking with the Saudi Ambassador, Princess Reema bint Bandar, in which she affirmed that Saudi Arabia has called for an OPEC meeting to negotiate a resolution to global oil production and stabilize the global oil market. I told the Ambassador that we want to see results, and I look forward to seeing the details of these efforts in the coming days."


On March 18, Inhofe sent a letter to Secretary Ross, encouraging him to initiate a Section 232 investigation into Saudi Arabia and Russia for their anticompetitive activity. He followed up that letter with another one, signed by eight other senators, also encouraging an investigation into the excessive dumping.


The latest on this possible deal is available in this report from the BBC.


   

 

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