OPEC oil cuts bad for global economy: US Treasury secretary Janet Yellen

Kremlin praises Opec+ for countering US 'mayhem' in global energy markets

US Treasury Secretary Janet Yellen said a decision by the Opec+ grouping to cut oil production was “unhelpful and unwise” for the global economy, especially emerging markets, the Financial Times said on Sunday.

Meanwhile, the Kremlin on Sunday praised Opec+ for agreeing production cuts that had successfully countered the “mayhem” sown by the United States in global energy markets. “We're very worried about developing countries and the problems they face. We continue to think that markets are functioning pretty well and are generally appropriate given the underlying differences across countries and policies and economic situations ” Yellen told the newspaper in an interview.

She also criticised allies for being slow to send financial aid to Ukraine.

“The pace of transferring money to Ukraine is far too slow,” Yellen added, pointing out that some countries that had pledged assistance had not got round to disbursing it.