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

Commodities Oct 09, 2022 12:35AM ET
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© 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.

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

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Comments (11)
Keng He
Keng He Oct 09, 2022 7:43PM ET
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stupid. politic and economy could not divorce.
Ivan Radusic
Radusic Oct 09, 2022 2:36PM ET
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"We're very worried about developing countries......" - Ha ha ha ha ha ha ha ha ha ha ha ha ha
David Pires
David Pires Oct 09, 2022 9:54AM ET
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Blah, blah, blahShe’s unqualified for the position, and typical response is always to throw more money at it in hopes it goes away.
Brad Albright
Brad Albright Oct 09, 2022 9:54AM ET
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What part of this involves throwing money at anything? Are you regurgitating some irrelevant pablum?
jason xx
jason xx Oct 09, 2022 8:35AM ET
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We need to send troops into Ukraine to k I l l the red peril infecting the country
Brad Albright
Brad Albright Oct 09, 2022 8:10AM ET
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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.
jason xx
jason xx Oct 09, 2022 8:10AM ET
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You are right but it doesn't change global oil prices. Producing oil in America doesn't mean it is sold in America and it certainly is not sold for a cheaper price.
jason xx
jason xx Oct 09, 2022 8:10AM ET
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Just pointing out that Orange t a. r. d. s. acting like producing more oil here is the answer lack a basic understanding of free and global markets
Brad Albright
Brad Albright Oct 09, 2022 8:10AM ET
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I agree with you. Just pointing out that their motivation is misinformation.
Casador Del Oso
Casador Del Oso Oct 09, 2022 8:10AM ET
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Exactly, so that more can be exported to Europe.
Brad Albright
Brad Albright Oct 09, 2022 8:10AM ET
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@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?
Warm Camp
Warm Camp Oct 09, 2022 7:21AM ET
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She better worry about own country, ruled by folks like her with total neglect and incompetence.
Peter Andersen
Peter Andersen Oct 09, 2022 7:21AM ET
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Maybe usa are next keep on saying me me me
jason xx
jason xx Oct 09, 2022 7:21AM ET
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We lead a global alliance and the most incompetant leader of all time was voted out last election.
Brad Albright
Brad Albright Oct 09, 2022 7:21AM ET
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I think Putin may be giving Trump competition for that honor.
Jay Prakash Singh
Jay Prakash Singh Oct 09, 2022 5:34AM ET
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is Fed rate hike is helpful and wise for world economy ? ????
John Laurens
John Laurens Oct 09, 2022 5:21AM ET
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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!
Brad Albright
Brad Albright Oct 09, 2022 5:21AM ET
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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.
hd tv
hd tv Oct 09, 2022 4:29AM ET
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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
David Beckham
David Beckham Oct 09, 2022 3:35AM ET
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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
Samantha
Samantha Oct 09, 2022 3:35AM ET
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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.
 
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