U.S. Secretary of the Treasury Janet Yellen provides opening remarks throughout an occasion 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.
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WASHINGTON– Treasury Secretary Janet Yellen stated the surprise OPEC+ oil production cut revealed Sunday was an “unconstructive act,” which might injure 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 informed press reporters Monday following an occasion at Yale University in New Haven, Conn.
Yellen likewise stated the production cuts could, in the future, benefit a reassessment of the existing $60 per barrel rate cap on Russian oil delivered in Western tankers. But she stated that raising the cap was not needed in the meantime.
The voluntary cuts total up to more than 1 million barrels daily, starting in May and running till completion of 2023, Saudi Arabia revealed. The kingdom’s Energy Ministry called it a “precautionary measure” that intends to support the oil market.
In Washington, the Biden administration dramatically slammed the cuts.
“We don’t think cuts are advisable at this moment, given market uncertainty — and we’ve made that clear,” National Security Council spokesperson John Kirby statedMonday He included that the United States got advance notification of the OPEC statement.
The OPEC cut follows Russia’s current choice to cut oil production by 500,000 barrels daily till completion of 2023.
— CNBC’s Kayla Tausche added to this report
