Letter to H.R.H. Mohammad bin Salman bin Abdulaziz Al Saud, Crown Prince of Saudi Arabia - HEAT Members Urge Saudi Crown Prince to Restore Global Oil Market Stability

Letter

Your Royal Highness:

The United States and the Kingdom of Saudi Arabia have an important strategic
partnership that ensures regional stability, counters Iran's malign activity, and defeats terrorists
that threaten our security. The United States also remains committed to maintaining the
strong economic ties between our two countries. We are concerned, however, with
the Kingdom's actions to artificially distort global crude oil markets as countries around
the world struggle to address a growing economic and health crisis fueled by the COVID-19
novel coronavirus pandemic.

As recently as January, the Kingdom claimed that it would do all it could to ensure stability in
the global oil market. But as a result of the Kingdom's March decision to artificially depress
global crude prices, thousands of American workers employed directly by our country's oil and
gas producers, as well as thousands more employed in related industries, face increased
financial and economic uncertainty. While other global actors use oil and gas markets as political
leverage, the Kingdom must be a model of leadership at a time when a global pandemic drives
down demand resulting in significant market volatility. In the United States, the oil and natural
gas industry is based on free market principles that resist anticompetitive conduct or government
manipulation of markets. The Kingdom, however, can change course, reduce production, and
restore balance to a market that has seen the most drastic price drop in years.

Failure to address this energy crisis will jeopardize the joint efforts between our nations
to collaborate economically and militarily. The U.S. military presence in the Middle East region
has maintained the stability that provides for the economic prosperity and ensures the security of
our two nations. As Members of Congress, we have rejected efforts to undermine or undo this
partnership. But if the Kingdom fails to act fairly to reverse this manufactured energy crisis, we
would encourage any reciprocal responses that the U.S. government deems appropriate.

Our countries share decades of deep cooperation and leadership combating and defeating
existential threats. It is our hope that those characteristics that have defined our strong strategic
partnership for years will continue to serve as the bedrock through this current crisis. We hope
that as a global energy leader, and Chair of the G20 for 2020, the Kingdom will fulfill its
promise and take immediate action to do its part to bring stability - not further volatility - to
global crude oil markets.

Sincerely,