© Archyde.com. OPEC+ production cut decision makes the United States unhappy US Treasury Secretary Yellen: This is not good for the global economy!
Financial Associated Press, October 9 (Editor Zhou Ziyi) According to media reports on Sunday (9th), U.S. Treasury Secretary Yellen said that OPEC+’s move to cut oil production is “unhelpful and unhelpful to the global economy.” sensible,” especially for emerging markets struggling to cope with high energy prices.
Yellen said in an interview, “I think OPEC’s decision was unhelpful and unwise. It’s not certain what impact it will ultimately have, but it is certain that in the situation we are facing, it seems is inappropriate.”
Yellen also said, “We are very concerned about developing countries and the problems they face.”
OPEC+ ministers said on Wednesday they had decided to cut oil production by 2 million barrels a day from November, an amount equal to about 2 percent of global supply. The move is expected to push up global oil prices.
The White House has repeatedly urged major oil producers such as Saudi Arabia to refrain from slashing oil production amid high natural gas prices.
The White House said in a statement that U.S. President Joe Biden was disappointed by OPEC+’s short-sighted decision to cut production quotas.
The Biden administration has vigorously criticized the OPEC+ decision, saying it raised energy prices. In addition, Biden also took credit for the previous drop in oil prices.
Yellen said, “Biden has been focused on exploring all possible options for a long time, trying to drive (oil prices) down.”
White House officials said they would consult with Congress and look for alternatives.