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Yellen says OPEC cuts oil production bad for global economy

US Treasury Secretary Janet Yellen added her voice members of the Biden administration sounds off against recent decline in oil production announced through group OPEC+.

Yellen said move OPEC+ to cut oil production was “useless and unwise.” for in global economy, especially in emerging markets already struggling with high energy prices, according to the Financial Times.

The Biden administration is loud critical of in decision oil cartel, which took in step in disobedience of US pressure to keep global oil prices down.

“I think that OPEC decision useless and unreasonable – it is not known how it will end up have, but, of course, this is what seemed to me inappropriate in the circumstances in which we faceYellen said. in telephone interview with “Financial Times”. “We are very concerned about the development countries and problems They face.”

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US Treasury Secretary Janet Yellen news conference after the two-day meeting of the Federal Open Market Committee (FOMC) in Washington, USA, December 13, 2017 REUTERS/Jonathan Ernst (REUTERS/Jonathan Ernst/Reuters photo)

Ministers from OPEC+ on On Wednesday, they announced that they would cut oil production by 2 million barrels per day. in a move that is oil prices are expected to rise globally.

OPEC decision happened when the White House pushed leading oil producers like Saudi Arabia is the leader international oil cartel – do not cut oil production as gas prices remain high.

OPEC logo

The 3D printed oil pump jack is visible. in front of OPEC logo in this illustration. (REUTERS/Dado Ruvic/File Photo/Reuters Photos)

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White House officials say they will start consultations with Congress about possible reactions.

President Biden spoke about rising gas prices in Maryland

President Biden speaks at Volvo Group Powertrain Operations in Hagerstown, Maryland. (AP Photo/Julio Cortez/AP Newsroom)

The president was focused for a lot of of time on exploring everything available options try to bring [oil prices] down,” she is added.

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

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Yellen can hear from colleagues around the world. world on concern for value of in the dollar, which rose strongly as the Federal Reserve raised interest rates aggressively.

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Tyler Hromadka
Tyler Hromadka
Tyler is working as the Author at World Weekly News. He has a love for writing and have been writing for a few years now as a free-lancer.

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