New York: U.S. Treasury Secretary Janet Yellen said a decision by the OPEC+ grouping to cut oil production was “unhelpful and unwise” for the global economy, especially emerging markets, the Financial Times said on Sunday.
“We’re very worried about developing countries and the problems they face,” Yellen told the newspaper in an interview.
She also criticised allies for being slow to send financial aid to Ukraine.
“The pace of transferring money to Ukraine is far too slow,” Yellen added, pointing out that some countries that had pledged assistance had not got round to disbursing it.
The Biden administration has been loudly critical of the decision by the oil cartel backed by Saudi Arabia and Russia this week, 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.”
