Oil: US Treasury Secretary slams OPEC+ production cut

The United States Treasury Secretary, Janet Yellen, has publicly opposed the OPEC+ decision to reduce oil production this week. During the yearly forum of the Freedman's Bank in Washington, she did a telephone interview to the British daily The Financial Times on Sunday, October 9. From the month of November onward, the cartel will definitely be cutting its production targets by 2 million barrels per day. Therefore, prices, which had dropped since the summer's start, are now again beginning to climb.

Given the current inflationary and energy crisis scenario, the US Treasury Secretary deems OPEC+'s move to cut oil production " needless and unwise " for the world economy.

Janet Yellen is troubled about the plight of emerging nations.

Next week will bring the annual meetings of the International Monetary Fund and the World Bank, and the Treasury Secretary was speaking in anticipation of those events. Insane inflation, central bank policy, and the economic impact of the conflict in Ukraine were all discussed at length.

The ex-Fed chair also blasts her European partners for being "too slow" to deliver promised financial aid to Ukraine so that it can counter the Russian attack.

According to her recollection, the United States has already given Ukraine $8.5 billion, and the United States Congress has just approved another $4.5 billion in aid.

Last Monday, the European Commission committed to releasing the remaining 3 billion euros of the 9 billion euro aid package promised to Ukraine as soon as feasible.

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