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Treasury Secretary Janet Yellen in a new interview expressed worry that OPEC+ countries’ decision to cut oil production will hurt the global economy, especially in developing countries.
“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,” Yellen told the Financial Times. “We’re very worried about developing countries and the problems they face.”
The oil-exporting alliance, which includes the 13 OPEC nations and 11 non-members including Russia, made the production cut announcement last Wednesday.
The move was a large blow to President Biden, who visited oil-rich Saudi Arabia in a July trip to appeal to Saudi Crown Prince Mohammed bin Salman.
Biden faced criticism from some over the trip given Saudi Arabia’s human rights record, namely the death of journalist and Saudi dissident Jamal Khashoggi, and Riyadh announced a production increase following Biden’s visit that was smaller than hoped for by his administration.
