OPEC production cut ‘unhelpfully and unwisely,’ says US Treasury chief – POLITICO

The oil cartel OPEC’s decision to cut oil supply will harm the global economy and especially developing countries, says US Treasury Secretary Janet Yellen told Financial Times in an interview published on Sunday.

“I think OPEC’s decision is inappropriate and unwise — it’s uncertain what effect it will end up having, but it’s certainly something that didn’t seem appropriate to me under the circumstances we’re facing,” Yellen said, adding that “we” are very concerned about developing countries and the problems they face.”

The cartel of 13 oil-producing countries on Wednesday agreed to cut production by 2 million barrels per day from November in the context of an already tight market and rising world inflation, caused in part by high energy prices.

OPEC’s move marks a victory for Russia against the EU and the US – Russia is a major oil producer and an OPEC+ country that cooperates with the cartel. Ever since Moscow’s invasion of Ukraine, the West has imposed economic sanctions on Russia, including on its oil sector, and urged other countries around the world to follow suit. Despite this effort, Moscow continues to sell its oil to countries such as IndiaChina and Turkey.

OPEC made the decision despite a flurry of trips by EU and US leaders to Saudi Arabia in recent weeks to try to convince the country’s crown prince and new prime minister Mohammed bin Salman to increase oil production to fight inflation.

World oil prices already started to rise after the announcement on Wednesday. moving from about $86 to over $93 per barrel.

Meanwhile, Moscow congratulated “the truly balanced, thoughtful and planned work” of the OPEC countries, which served to “oppose the actions of the United States,” Kremlin spokesman Dmitry Peskov said in a television interview that aired Sunday.

Related Posts

Illinois Democrats accuse GOP operative Dan Proft of illegal coordination

The Illinois Democratic Party on Friday filed a complaint with the Illinois State Board of Elections against Republican gubernatorial candidate Darren Bailey’s campaign and the conservative head…

NYC’s Ruth’s Chris Steak House stabbing leaves patron injured, NYPD seeks female attacker

A woman dining at Ruth’s Chris Steak House in Manhattan stabbed a male patron in the chest after becoming enraged by his argument with an employee Friday…

Watch: Parrot steals journalist’s earphone live on air

A Chilean reporter was live in the air when a parrot landed on his shoulder and stole his earphone. Nicolas Krumm, a journalist for the Chilevision channel,…

FOX Bet Super 6: Win the $25,000 College Football Pick 6 jackpot in Week 10

FOX Bet Super 6 College Football Pick 6 Challenge gives fans the chance to win $25,000. The first College football Playoff standings (CFP) were announced this week….

Elon Musk begins Twitter overhaul with mass layoffs

Elon Musk begins Twitter overhaul with mass layoffs – CBS News Watch CBS News Thousands of Twitter employees found out via email that they were let go,…

Remains of missing Bay Area woman Alexis Gabe have been found

The partial remains of a Bay Area woman were discovered in a small community east of Sacramento on Thursday, according to authorities. The remains have been confirmed…

Leave a Reply

Your email address will not be published. Required fields are marked *