Arab Press

بالشعب و للشعب
Saturday, Jul 12, 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
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
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×