US Treasury secretary Janet Yellen said the move by Opec+ to cut oil production was “unhelpful and unwise” for the global economy, particularly emerging markets already struggling with high energy prices.
The Biden administration has been loudly critical of the decision by the oil cartel backed by Saudi Arabia and Russia this week, which took the step in defiance of US pressure to keep global oil prices down.
“I think Opec’s decision is unhelpful and unwise — it’s uncertain what impact it will end up having, but certainly, it’s something that, to me, did not seem appropriate, under the circumstances we face,” said Yellen in a phone interview with the Financial Times. “We’re very worried about developing countries and the problems they face.”
Yellen was speaking ahead of the IMF and World Bank’s annual meetings in Washington next week, which will be dominated by discussions of high inflation and…
