‘We are in a market share war right now’ - US Senator

FXStreet (Mumbai) - Speaking to Sputnik, US Senator John Hoeven noted that a decision by OPEC to reduce its output "would help terms of equalizing the supply and demand globally, and then you would see some stabilizing in the price."

When asked about OPEC’s recent unwillingness to decrease production, Hoeven said, "We are in a market share war right now."

He added, "Our industry has to be able to compete so we don’t see our jobs and our industry go away. You don’t want a situation where OPEC pushes prices down and then takes our industry out of business, because then they will raise prices right back up."