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Yellen Calls Opec+ Cuts an "Unconstructive Act"

OIL

US Treasury Secretary Janet Yellen referred to the Opec+ voluntary cuts as an “unconstructive act” which will add a burden onto consumers at a time of high inflation.

  • "I think it's a regrettable action that OPEC decided to take," Yellen said.
  • Yellen added that it would be detrimental for inflation if the trend in gasoline prices started working back towards last years peak.
  • On the $60/bbl price cap, Yellen said "I see it as working". Higher oil prices bring buyers closer to the cap, especially for ESPO grades.
  • "I want to withhold judgment now on just what impact this will have on oil prices, although I know there's been some reaction today," she said of the OPEC+ move.
  • Biden has aimed to brush off the impact of the cuts, saying to reporters, "It's not going to be as bad as you think,".
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