Yellen says OPEC+ production cut is an 'unconstructive act'
The surprise OPEC+ production cut is an "unconstructive act," which could hurt U.S. efforts to lower inflation, Treasury Secretary Janet Yellen said Monday.
"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 said following an event at Yale University. The voluntary cuts amount to more than 1 million barrels per day, beginning in May and running until the end of the year.
U.S. Secretary of the Treasury Janet Yellen delivers opening remarks during an event highlighting “anti-corruption work as a cornerstone of a fair, accountable, and democratic economy” as part of the 2023 Summit for Democracy at the Treasury Department on March 28, 2023 in Washington, DC.announced Sunday was an "unconstructive act," which could hurt U.S. efforts to lower inflation.
"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 Monday following an event at Yale University in New Haven, Conn.
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