US Treasury Secretary Janet Yellen criticised Saudi Arabia’s and its OPEC Plus alliance’s decision to cut back on oil output as being improper and harmful to the world economy, reinforcing Joe Biden’s administration’s harsh criticism of the move.
Before this week’s annual meetings of the International Monetary Fund and the World Bank in Washington, Yellen expressed concern that the world’s emerging countries would be particularly at risk from tight crude oil supplies and the potential for higher energy costs as a result.
Bloomberg News Agency cited Yellen as telling the British publication on Sunday that “OPEC’s decision is unhelpful and stupid.
Given the situations we are subjected to, it does not appear to me to be suitable.
At its most recent meeting, the OPEC Plus coalition opted to cut production by two million barrels per day.
The decision to lower oil production by OPEC Plus is criticised by the US Treasury Secretary.
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