US Treasury Secretary Yellen: OPEC+ oil production cut will add uncertainty to global growth outlook
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“A surprise OPEC+ oil production cut is an ‘unconstructive act’ that will add uncertainty to the global growth outlook and to burdens on consumers at a time of high inflation,” US Treasury Secretary Janet Yellen on Monday per Reuters.
“I think it’s a regrettable action that OPEC decided to take. I’m not sure yet just what the price impact will be. I think we need to wait a little longer for, you know, to really assess that,” Yellen told reporters after an event at Yale University.
It’s worth noting that US President Joe Biden also reacted to the OPEC+ output cut while terming it as, “Not as bad as you think.”
Also read: Forex Today: Markets remain upbeat despite OPEC+ surprise output cut; RBA next
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