US lawmakers: Saudi Arabia threatens US domination over oil markets

Half a dozen US lawmakers accused Saudi Arabia of waging “warfare” against US dominance over the global energy market.

In a letter that was signed and sent to the US Secretary of State Mike Pompeo, the lawmakers wrote: “The Kingdom of Saudi Arabia and the Russian Federation have embarked upon economic warfare against the United States.”

They added: “During this time of pandemic and global economic crisis, the Kingdom of Saudi Arabia has chosen to settle scores in the oil market.”

The US lawmakers confirmed that: “Riyadh’s motivation may be multi-faceted – to punish the Russians, to capture near-term market share, to destabilise long-term investment in American energy – but the end result is the same.”

“Our nation’s energy dominance, which President Trump has carefully nurtured over the past three years, is now under direct threat from a country that professes to be our ally.”

Saudi Arabia saturated the market with oil after Russia had refused to reduce its output in order to stabilise the prices after the low demand, due to the global outbreak of the coronavirus.

READ: Saudi Arabia denies contact with Russia to balance oil markets