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OPEC oil cuts bad for global economy, says U.S.'s Yellen -FT

Published 10/09/2022, 12:30 AM
Updated 10/09/2022, 12:35 AM
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen participates in a discussion at the annual Freedman's Bank Forum at the Treasury Department in Washington, U.S., October 4, 2022. REUTERS/Michael A. McCoy

(Reuters) - U.S. Treasury Secretary Janet Yellen said a decision by the OPEC+ grouping to cut oil production was "unhelpful and unwise" for the global economy, especially emerging markets, the Financial Times said on Sunday.

"We're very worried about developing countries and the problems they face," Yellen told the newspaper in an interview.

She also criticised allies for being slow to send financial aid to Ukraine.

"The pace of transferring money to Ukraine is far too slow," Yellen added, pointing out that some countries that had pledged assistance had not got round to disbursing it.

Latest comments

stupid. politic and economy could not divorce.
"We're very worried about developing countries......" - Ha ha ha ha ha ha ha ha ha ha ha ha ha
Blah, blah, blahShe’s unqualified for the position, and typical response is always to throw more money at it in hopes it goes away.
What part of this involves throwing money at anything? Are you regurgitating some irrelevant pablum?
We need to send troops into Ukraine to k I l l the red peril infecting the country
Under President Biden, oil companies are producing 60% more oil. The number of oil and gas rigs in the US had more than doubled since Biden took office.(still not as high as under Obama, though). The US is the worlds largest producer of crude oil. Don't believe the misinformation agents here pretending like they are concerned about America.
I agree with you. Just pointing out that their motivation is misinformation.
Exactly, so that more can be exported to Europe.
@Casador: Are you saying the US should not produce more oil than it needs for domestic use, or do you simply object to excess going to Europe?
She better worry about own country, ruled by folks like her with total neglect and incompetence.
Maybe usa are next keep on saying me me me
We lead a global alliance and the most incompetant leader of all time was voted out last election.
I think Putin may be giving Trump competition for that honor.
is Fed rate hike is helpful and wise for world economy ? ????
Biden demolishes America's amazing oil industry then blames OPEC for taking advantage... that's hilarious! If I were OPEC, I'd cut it in half and get oil up to $300 per barrel!
Since Biden took office, oil rig count is up 50%, oil production is up 60% and the US is energy independent. You are welcome to your dogma, but it is divorced from reality.
the UN spoke out against the fed rising rates future due to the damage it causes emerging markets. but has stayed quite on opec manipulating oil markets when oil is one of the biggest drivers of global inflation which is the main driver for rate hikes
When Biden and Powell are destroy the world then you come out to blame others America has a lot of oil why not drilling more and export more also why don’t you sell cheaper ng to Europe when you keep increasing rate did you think about other countries? Everyone knows why there is high inflation do you really using best tool to solve it? Then why blame opec this is business
It's a problem cutting into OPEC's margins. I think it's a problem too that Yellen admonishes OPEC while they're freaking out.
Really? What about the rising USD being bad for the emerging economies? Once they get out of emerging, they march slowly towards being the superpower like China and once it is seen as a threat , US will do just like hoe they are treating China with export rules, negativity, etc. It almost feels like Democracy is, although better than Socialism, has its own sets of pain points.
Totally agree you guys started the war then why opec needs pay your bill if you want more oil then drill more
Are you trying to say, only American can enjoy the highest benefit, while EU, China and other countries are suffer?
English lessons please. We cannot tell if your thoughts are as confused as they seem or if you just need more study.
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