Yellen says OPEC+ move bad for global growth outlook

U.S. Treasury Secretary Janet Yellen on Monday said a surprise OPEC+ oil production cut is an 'unconstructive act' that will add uncertainty to the global growth outlook and to burdens on consumers at a time of high inflation.

U.S. Treasury Secretary Janet Yellen delivers remarks after receiving the Paul A. Volcker Award at the National Association for Business Economics 39th Annual Economic Policy Conference in Washington, U.S., March 30, 2023. REUTERS/Leah Millis

"I think it's a very unconstructive act at this time when it's important to try to hold energy prices down." U.S. President Joe Biden downplayed the impact of the OPEC+ move in a brief comment to reporters on Monday. "I see it as working," she said of the price cap, adding that it has led to steep discounts on Russian oil and increased bargaining power for purchasers.

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