OREANDA-NEWS. The U.S. Energy Producers Alliance will investigate whether Saudi Arabia, Russia, and other countries are dumping the oil market to the detriment of U.S. oil producers. This was stated by a member of the Executive Council of the alliance and former Advisor to the President of the United States on energy Harold Hamm, reports Fox Business.

According to him, Saudi Arabia and Russia, flooding the oil market, are conducting a "targeted attack" on American producers. “They take advantage of the coronavirus pandemic to focus on the industry and devastate it”, Hamm said. He noted that the alliance will not allow this and will investigate the market situation.

According to forecasts by the US Department of Energy, after the collapse of the OPEC+ agreement, the volume of oil produced in the country will begin to decline in May and will amount to 12.7 barrels per day by 2021 compared with 13 million in 2020, decreasing for the first time in four years. On March 6, OPEC member countries and Russia could not agree to reduce oil production amid the negative impact of the new coronavirus on the global economy. Following the collapse of the OPEC + deal, oil prices fell by more than 30%, and the dollar and euro rose.