Thursday, Jul 25, 2024

Yellen says OPEC oil production cuts bad for global economy

Yellen says OPEC oil production cuts bad for global economy

OPEC+ announced a cut in oil production by the group of 2 million barrels per day in a move to support oil prices in a slowing economy

U.S. Treasury Secretary Janet Yellen added her voice to the members of the Biden administration sounding off against the recent oil production cuts announced by the group OPEC+.

Yellen said the move by OPEC+ to cut oil production was "unhelpful and unwise" for the global economy, particularly emerging markets already struggling with high energy prices, according to the Financial Times.

The Biden administration has been loudly critical of the decision by the oil cartel which took the step in defiance of US pressure to keep global oil prices down.

"I think OPEC's decision is unhelpful and unwise — it’s uncertain what impact it will end up having, but certainly, it’s something that, to me, did not seem appropriate, under the circumstances we face," said Yellen in a phone interview with the Financial Times. "We’re very worried about developing countries and the problems they face."

Ministers from OPEC+ on Wednesday said they would cut oil production by 2 million barrels per day in a move that is expected to raise oil prices globally.

The OPEC decision came as the White House pushed top oil producers like Saudi Arabia — which leads the international oil cartel — not to make drastic cuts to oil production as gas prices remain high.

A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration.

White House officials have said they would launch consultations with Congress about possible reactions.

President Biden speaks at the Volvo Group Powertrain Operations facility in Hagerstown, Maryland.

The president has been focused for a lot of time on exploring all available options to try to bring [oil prices] down," she added.

The IMF and World Bank hold annual meetings in Washington next week.

Yellen may hear from counterparts around the world on concern about the value of the dollar, which has appreciated strongly as the Federal Reserve has aggressively increased interest rates.


Oh ya 2 year ago
After what Biden said about Saudi they could probably care less about what slow joe thinks. Joe killed oil independence on day 1 in the WH. Now he is on his knees sucking Saudi dick trying to get them to pump more oil to bring the price down before the Dems get their asses handed to them in the mid terms. It is there oil and they can price it where they want. Love the photoshop photo of joe over meeting the Saudi Prince and he has a red gas can in his hand. That pretty much sums it up


Related Articles

World's Hottest Day Recorded on July 21
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
Global IT Outage Sparks Major Concerns
Global IT Outage Unveils Digital Vulnerabilities
Secret Service Criticized for Lack of Sniper Protection During Trump Shooting
Colombian Court Annuls Amazon Tribes’ Carbon Credit Deal
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
Boeing Pleads Guilty Over 737 MAX Crashes
Beryl Storm Hits Texas, Killing 2 and Causing Major Power Outages
2024 Predicted to Be World's Hottest Year
Macron Faces New Political Challenges Despite Election Relief
Florida Man Arrested Over Attempt to Withdraw One Cent
Anger mounts at Biden’s top team after disastrous debate
Bolivian President Luis Arce Denies 'Self-Coup' Allegations
Steve Bannon Begins 4-Month Prison Sentence
Biden Warns of 'Dangerous Precedent' After Supreme Court Immunity Ruling in Trump Case
Elon Musk Accuses Kamala Harris of Misleading Post on Trump's Abortion Stance
Hunter Biden Sues Fox News Over 'Revenge Porn' Allegations
New York Times Editorial Board Urges Biden to Exit Presidential Race
US Supreme Court Overturns Obstruction Charges Against January 6 Rioters
US Voters Prefer Biden's Democracy Approach, Trump's Economy Plan: Report
Attempted Coup in Bolivia: President Urges Public Mobilization
Top-Secret US Underwater Drone 'Manta Ray' Revealed on Google Maps
United States Bans Kaspersky Antivirus
Inside El Salvador’s 40,000 Inmate Mega-Prison
Toyota, Mazda, Honda, and Suzuki have committed fraud; falsified safety test results
El Salvador's Bitcoin Holdings Reach $350 Million
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
German politician of the AFD party, Marie-Thérèse Kaiser was just convicted & fined $6,000+
Changpeng Zhao Sentenced to Four Months in Jail
Biden Administration to Relax Marijuana Regulations
101-Year-Old Woman Mistaken for a Baby by American Airlines: Comical Mix-Up during Flight Check-in
King Charles and Camilla enjoying the Inuit voice singing performance in Canada.
New Study: Vaping May Lower Fertility in Women Trying to Get Pregnant
U.S. DOJ Seeks Three-Year Sentence for Binance Founder Changpeng Zhao
Headlines - Thursday, 23 April 2024
Illinois Woman Wins $45M Lawsuit Against Johnson & Johnson and Kenvue for Mesothelioma Linked to Baby Powder
Panama's lates news for Friday, April 19
Creative menu of a Pizza restaurant..
You can be a very successful player, but a player with character is another level!
Experience the Future of Dining: My Visit to an AI-Powered Burger Joint
Stabbing rampage terror attack in Sydney, at least four people killed, early reports that a baby was among those stabbed.
Iran fired more than 300 drones and missiles at Israel overnight. Israel Reports Light Damage After Iran Launches Large Strike.