Yellen says OPEC oil production cuts bad for global economy

U.S. Treasury Secretary Janet Yellen said OPEC+ decision to cut oil production was ‘unhelpful and unwise’ for the global economy, particularly emerging markets already struggling with high energy prices. 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. ‘We’re very worried about developing countries and the problems they face,’ said Yellen in a phone interview with the Financial Times. The 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. The IMF and World Bank hold annual meetings in Washington next week. . . .