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US Treasury Secretary Janet Yellen criticised the alliance of oil producers for deciding to reduce supply when the world is battling high inflation.
US Treasury Secretary Janet Yellen has said a decision by the OPEC+ grouping to cut oil production was “unhelpful and unwise” for the global economy, especially emerging markets.
“We’re very worried about developing countries and the problems they face,” Yellen told the Financial Times in an interview on Sunday.
The OPEC+ alliance of oil-exporting countries decided on Wednesday to sharply cut production to support sagging oil prices, despite US arguments that this will raise fuel costs and endanger world economies.
The White House on Thursday said “all options” are being considered after the alliance decided to cut 2 million barrels a day starting next month.
The announcement comes as the Western allies are trying to cap the oil money flowing into Moscow after it attacked Ukraine.
A reduction in global oil supply will increase prices of petroleum products at a time when governments across the world are struggling to deal with inflation.
Yellen 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.
READ MORE: Biden mulls OPEC response amid questions over Saudi arms sales
Source: TRTWorld and agencies
US’s Yellen slams OPEC+ decision to cut oil as ‘unhelpful and unwise’
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