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Opec’s reductions in oil production are detrimental to the world economy, according to Yellen


According to the Financial Times on Sunday, US Treasury Secretary Janet Yellen called the Opec+ group’s plan to reduce oil production “unhelpful and irresponsible” for the world economy, particularly emerging countries.

She also criticised allies for taking too long to deliver Ukraine financial aid.

The Kremlin, however, applauded Opec+ on Sunday for agreeing to output cuts that had effectively resisted the “mayhem” the United States had planted in international energy markets. We are highly concerned about the issues that emerging nations face. In an interview with the newspaper, Yellen stated, “We continue to believe that markets are operating rather effectively and are typically acceptable given the underlying disparities among countries, policies, and economic situations.

Yellen continued, “The pace of transferring money to Ukraine is just too slow,” noting that several nations that had committed to providing aid had yet to do so.

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  • Opec’s reductions in oil production are detrimental to the world economy, according to Yellen
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