Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

Yellen says OPEC oil production cuts bad for global economy

Yellen says OPEC oil production cuts bad for global economy

OPEC+ announced a cut in oil production by the group of 2 million barrels per day in a move to support oil prices in a slowing economy

U.S. Treasury Secretary Janet Yellen added her voice to the members of the Biden administration sounding off against the recent oil production cuts announced by the group OPEC+.

Yellen said the move by OPEC+ to cut oil production was "unhelpful and unwise" for the global economy, particularly emerging markets already struggling with high energy prices, according to the Financial Times.

The Biden administration has been loudly critical of the decision by the oil cartel 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."

Ministers from OPEC+ on Wednesday said they would cut oil production by 2 million barrels per day in a move that is expected to raise oil prices globally.

The OPEC decision came as the White House pushed top oil producers like Saudi Arabia — which leads the international oil cartel — not to make drastic cuts to oil production as gas prices remain high.

A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration.


White House officials have said they would launch consultations with Congress about possible reactions.

President Biden speaks at the Volvo Group Powertrain Operations facility in Hagerstown, Maryland.


The president has been focused for a lot of time on exploring all available options to try to bring [oil prices] down," she added.

The IMF and World Bank hold annual meetings in Washington next week.

Yellen may hear from counterparts around the world on concern about the value of the dollar, which has appreciated strongly as the Federal Reserve has aggressively increased interest rates.

Comments

Oh ya 3 year ago
After what Biden said about Saudi they could probably care less about what slow joe thinks. Joe killed oil independence on day 1 in the WH. Now he is on his knees sucking Saudi dick trying to get them to pump more oil to bring the price down before the Dems get their asses handed to them in the mid terms. It is there oil and they can price it where they want. Love the photoshop photo of joe over meeting the Saudi Prince and he has a red gas can in his hand. That pretty much sums it up

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×