OPEC Oil Output Cuts Bad For Global Economy: U.S. Treasury

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.

Photo Insert: The oil supply cut was deemed to be unhelpful and unwise.

"We're very worried about developing countries and the problems they face," Yellen told the newspaper in an interview.

She also criticized 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 gotten around to disbursing it.

The US has already disbursed more than $9 billion for Ukraine while the International Monetary Fund (IMF) is pumping in $1.3 billion to support energy and food security programs in the country that Russia invaded on Feb. 24, 2022.

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