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Graves Statement on Historic Oil Global Price War Deal

U.S. Congressman Garret Graves (South Louisiana) released the following statement after the reached production cut deal of 9.7 million barrels a day to begin on May 1 by OPEC, Russia and other oil-producing nations, a total of 23 countries. The cut, nearly a tenth of the global supply, will ease the crashing prices that stem from the COVID-19 pandemic and the ongoing price war.

"Unchecked actions by Russia and OPEC nations pose significant threats to our environment and economy. And amidst a global pandemic, it was absolutely wrong of Russia, the Saudis and others to take advantage of the first major decrease in energy demand in decades to advance their geopolitical agenda through economic warfare and flooding the market supply. I applaud the Department of Energy, Secretary Dan Brouillette, the President, and all involved in protecting our best interests and working to protect Louisiana jobs and our economy, to reduce emissions, and to stabilize global energy markets."

To read Secretary Dan Brouillette's statement, click here.

Graves joined his colleagues last week calling upon the Crown Prince of Saudi Arabia Mohammad bin Salman to take immediate action in bringing stability to global crude oil markets. This letter followed after Graves had called upon the U.S. Department of Energy (DOE) to fill the Strategic Petroleum Reserve (SPR) to absorb the supply glut and to counter the economic warfare threats posed by Saudi Arabia, Russia and OPEC nations. Graves later applauded DOE for their decision to fill the SPR.