U.S. Treasury Secretary Janet Yellen made the opening remarks at an event highlighting that “anti-corruption is the cornerstone of a fair, accountable, and democratic economy” during the Summit. Summit for Democracy 2023 at the Treasury Department on March 28, 2023 in Washington DC.
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WASHINGTON – Treasury Secretary Janet Yellen said the unexpected OPEC+ cuts oil production declared on Sunday a “non-constructive action” that could harm US efforts to reduce inflation.
“I think it’s an unfortunate action that OPEC has decided to take. I’m still not sure what the price impact will be, I think we need to wait a bit longer to really assess that. ,” Yellen told reporters Monday after an event at Yale University in New Haven, Conn.
Yellen also said production cuts In the future, it may be worthwhile to reassess the current $60/bbl price ceiling for Russian oil shipped by Western tankers. But she said that the limit increase is not necessary at the moment.
Voluntary cuts amounting to more than 1 million barrels per day, starting in May and lasting until the end of 2023, Saudi Arabia announced. The kingdom’s Energy Ministry called it a “precautionary measure” aimed at stabilizing the oil market.
In Washington, the Biden administration harshly criticized the cuts.
“We don’t think cuts are appropriate at this point, given market uncertainty – and we’ve made that clear,” said National Security Council spokesman John Kirby. He added that the United States received advance notice of OPEC’s announcement.
OPEC cuts come after Russia’s recent decision cut oil production by 500,000 barrels per day until the end of 2023.
— Kayla Tausche of CNBC contributed to this report
