https://sputnikglobe.com/20230403/opec-cuts-add-uncertainty-to-global-growth-consumer-burden-amid-high-inflation-1109093380.html
OPEC Cuts Add Uncertainty to Global Growth, Consumer Burden Amid High Inflation
OPEC Cuts Add Uncertainty to Global Growth, Consumer Burden Amid High Inflation
Sputnik International
A major production cut announced over the weekend by oil producing nations in the OPEC+ alliance will add uncertainty to the global economy and burden consumers amid already high inflation, Yellen was reported saying Monday.
2023-04-03T23:16+0000
2023-04-03T23:16+0000
2023-04-03T23:16+0000
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oil prices
opec
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“I think it's a regrettable action that OPEC decided to take,” Yellen was quoted as saying by Reuters, adding that the production cut was an "unconstructive act" that will add uncertainty to the global growth outlook and stress consumers with even pricier goods and services. OPEC+ groups the 13-member Saudi-led Organization of the Petroleum Exporting Countries, or OPEC, with 10 independent oil producing nations steered by Russia. Oil prices jumped 6% Monday, a day after the alliance announced a production cut of 1.7 million barrels daily that would add to its earlier reduction of 2.0 million barrels per day since November. The combined 3.7 million barrels per day would remove about 3% of world oil supply and send fuel prices soaring across most of the world, analysts said.
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opec, oil, oil production cut, us treasury secretary janet yellen, janet yellen
opec, oil, oil production cut, us treasury secretary janet yellen, janet yellen
OPEC Cuts Add Uncertainty to Global Growth, Consumer Burden Amid High Inflation
WASHINGTON (Sputnik) - A major production cut announced over the weekend by oil producing nations in the OPEC+ alliance will add uncertainty to the global economy and burden consumers amid already high inflation, US Treasury Secretary Janet Yellen was reported saying Monday.
“I think it's a regrettable action that OPEC decided to take,” Yellen was quoted as saying by Reuters, adding that the production cut was an "unconstructive act" that will add uncertainty to the global growth outlook and stress consumers with even pricier goods and services.
OPEC+ groups the 13-member Saudi-led Organization of the Petroleum Exporting Countries, or OPEC, with 10 independent oil producing nations steered by Russia.
Oil prices jumped 6% Monday, a day after the alliance announced a production cut of 1.7 million barrels daily that would add to its earlier reduction of 2.0 million barrels per day since November. The combined 3.7 million barrels per day would remove about 3% of world oil supply and send fuel prices soaring across most of the world, analysts said.
