Oil: US Treasury Secretary slams OPEC+ production cut
US Treasury Secretary Janet Yellen on Thursday, October 6, 2022 in Washington.
AP - Patrick Semansky
Text by: RFI Follow
2 mins
In the United States, Janet Yellen, Secretary of the Treasury, spoke out against the cut in oil production decided by OPEC+ this week.
She said so on Sunday October 9, during a telephone interview granted to the British newspaper
The Financial Times
, during the annual forum of the Freedman's Bank in Washington.
The cartel is indeed reducing its production targets by 2 million barrels per day, starting in November.
As a result, prices, which had fallen since the beginning of the summer, are starting to rise again.
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The US Treasury Secretary believes that OPEC+'s decision to cut oil production is "
unnecessary and reckless
" for the global economy, and "
inappropriate
", given the current inflationary and energy crisis context.
Janet Yellen is also worried about developing countries, which already face many difficulties.
The Treasury Secretary was speaking ahead of the annual meetings of the International Monetary Fund and the World Bank next week.
Meetings focused on galloping inflation, central bank policies and the economic impact of the war in Ukraine, among others.
“
I think we will exchange our views on how to deal with these issues and try to determine if our collective action makes sense.
It's the best we can do in this difficult context
, ”said Janet Yellen.
The former leader of the FED also criticizes her European allies for being “
too slow
” in sending the promised financial aid to Ukraine to enable it to counter the Russian offensive.
She recalls that the United States has already paid 8.5 billion dollars to Ukraine and that a new aid of 4.5 billion has just been voted by the American Congress.
The European Commission undertook last week to release, as soon as possible, 3 billion euros, the last installment of the 9 billion euros package of aid promised to Ukraine.
►Read again: Oil: OPEC+ drastically lowers its quotas, by 2 million barrels
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